Don't Worry, You Have Extra Time to File Your Income Tax

Don't Worry, You Have Extra Time to File Your Income Tax

52, and Kyna Felder-Ruiz, 35, were indicted Wednesday on multiple charges accusing them of filing dozens of fraudulent tax returns that inflated their clients refunds, dating to 2012.

So, the deadline to file your taxes is now Tuesday, April 17th.

There are some who, even with the extra days, aren't going to be able to pull everything together to file on time.

Davis owns Get Organized Tax & Accounting, of Plainfield, where they both live. For the 2015 tax filing year, the IRS indicated that only 802 people had included cryptocurrency gains or losses in their tax filings.

If you plan to submit an extension form to the IRS, you must submit form 4868.

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"You still need to get an extension because if you don't and don't pay, the penalty is around 5 percent a month versus if you file the extension and pay later it is a half percent per month so that is a big difference", said Smith. The failure-to-file penalty can be as much as 25% of taxes due.

The Big Q: What will be the impact of last years digital currency boom be on United States tax payers?

One scam is a robotic voice that uses incorrect English, which calls threatening consumers, telling them that they have a debt with the IRS and will be taken under custody by local authorities. Go back and look at what you paid in taxes a year ago, including both withholdings and any payments you made (including estimated quarterly payments as well as payments you made last April). If you file by mail, as long as your return is postmarked before the deadline, it will be accepted.

However, if you can't find a way to pay - file anyway.

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