(WHTM) – The IRS has received over 100 million income tax returns in 2022 which means millions still haven’t filed.
The deadline is usually April 15 but because it’s a Saturday and Emancipation Day is Monday in Washington D.C., those who haven’t filed have until April 18 to file.
“The worst thing you can do is nothing. You have to do something,” said Alex Langan, Chief Investment Officer at Langan Financial Group.
Those who haven’t filed have a few steps they can take. Langan says that the best thing you can do is file for an extension.
“That will typical give you six more months so you can push it to October,” said Langan. “The issue with that – that people may mistake though – is that you still have to pay the taxes due.”
If you don’t know how much you owe Langan says to do your best to guess and fill out a check.
“I would even drop it off at the post office to make sure that they stamp it, otherwise you get late fees,” Langan said.
The late fees can Langan talks about can be hefty.
“Within 60 days you get a maximum $209 fine or 100% penalty for what you failed to pay, there’s also late fees and everything else. it gets very expensive,” said Langan.
To file for an extension go to the IRS website and search “tax extension.” Then you can click “request a filing extension” and fill out the form.
“They want the money, they don’t want to send you to jail,” said Langan.
If you’ve filed your taxes and owe money but can’t pay it back all at once Langan says there’s a solution.
“The IRS is willing to work with you, I’d reach out to them and just say look I recognize I owe this money, can I get on some sort of payment plan or something,” said Langan.
Last year some tax filers experienced significant delays with the IRS while filing.
The agency says this year it’s made considerable progress staff wise and is optimistic this year will go smoother than last year.