COLORADO SPRINGS, Colo. — April 15 is Tax Day, which means federal and state taxes are due. If you have not filed yet, tax experts say you should get an extension right away.
If you are late filing your taxes, you will have to pay a late penalty, as well as pay interest on any money you may owe. The Internal Revenue Service (IRS) is expecting $19 million tax payers to file an extension this year.
Even if you file an extension and you owe money, it is due April 15. Tax Experts say you may have some options on paying the government.
"Sometimes if you file and you know that you're not going to able to send them all that money, you can get an installment agreement that can put this aside so you wouldn't have penalties, but you would have interest," said Kathy Bylkas, the Owner of Your Tax Lady.
Coloradans who do not file a tax return will not receive an $800 Taxpayer's Bill of Rights (TABOR) refund from the state. Experts say if you file an extension, you can still receive the refund.
"...If you're filing an extension, make sure that you have proof that you've filed that extension, otherwise after April 15th, you will not get that $800 of TABOR credit back," said Bylkas.
Tax experts say you must file a federal return to claim a TABOR refund on your state tax return. If you only file a state return, you will not receive the TABOR refund.
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