24 hours to go to the annual tax filing date - a day most of us loathe to even think about, much less do anything about, but its time to pay the piper.
If you're not ready, file an extension - and the IRS will automatically give you 4 months more - but the extension only applies to the paperwork - you still have to send in any money that you may owe. And you have to actually file paperwork by midnight tomorrow or file for it online by then.
Miami Beach CPA David Wrubell says send in an amount that will most likely mirror what you will owe and the IRS will send you a bill for the rest - WITH interest and penalties included.
Wrubell says there are some other last minute deductions you can take such as an IRA contribution (if you qualify) of up to $6,500.00. Self employed workers may also want to look into setting up a SEP account.
Most of those last minute deductions have to be in by midnight April 15th, even if you filed an extension.
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