Southern Colorado | Always Watching Out For You

Time is running out to file a tax extension

COLORADO SPRINGS – Monday, April 15 is the deadline to file your taxes. But if you’re still waiting on paperwork, you can file an extension via mail or online.

You also have until Monday, April 15 to file your extension, too. If you’re expecting a refund, you might not necessarily need it. But if you think you might owe the IRS money and you’re missing documents, an extension might be the best option.

“You’re thinking you’re going to owe, or whenever you’re not quite sure if you had enough withholdings throughout the year, then you would file an extension,” tax preparer Carola Rafferty explained.

“Whenever you know that you’re already going to get a $3,000 refund or any type of refund, you don’t necessarily have to file an extension.”

Just keep in mind, an extension won’t delay your payment, and interest will continue to accumulate.

“When you finally pay, they will send you another letter ‘hey, by the way, you owe us a little bit more,'” Rafferty added.

Also, don’t expect an invoice in the mail.

“The IRS doesn’t work that way,” Rafferty pointed out.

“So they will send you an invoice after a couple of months, including interest and penalties, but they’re not necessarily gonna send you an invoice and that’s for the states’ as well.”

If you know what you owe, pay it. Rafferty says there’s also the option to set up a payment plan.

“If you know, ‘ok I owe a thousand dollars and I can pay $20 a month,’ just pay those $20 dollars.”

But in the end, to be on the safe side, “better to file an extension,” Rafferty said.

An extension stretches the filing deadline six months to October 15.

You can find the form here.

Jessica Barreto

Jessica Barreto

Jessica is a general assignment reporter at KOAA News 5. She joined the news team in November 2017.
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