Tax procrastinators have options - WLOX.com - The News for South Mississippi

Tax procrastinators have options

Good news: You can file for an extension. (Source: CNN) Good news: You can file for an extension. (Source: CNN)

(CNN) - Procrastinators: If you haven't filed your taxes yet, you have until 11:59 p.m. Tuesday.

If you still need more time, you can file an extension, but there's a catch you need to know about.

Sometimes there aren't enough hours in the day to get things done, including your taxes.

Good news: You can file for an extension.

Just fill out form 4868, and you get six months of extra time, making your new tax deadline Oct. 15.

That doesn't mean you're off the hook. In fact, you may owe more money.

 "While you can extend the time to file your taxes, the government still does expect you to make a payment to what your estimated tax liability may be. And if you don't make that payment, you can have a penalty and interest charges racking up for those six months," tax  attorney Rebecca Walser said.

To keep Uncle Sam happy, pay your taxes by the April 17 deadline.

To find out how much, look at last year's return.

"The best thing to do is to just look at your gross income and your total deductible expenses, and as long as they are approximately the same, then you can calculate kind of a high level of how much of a difference between last year and this year your tax liability might be," Walser said. 

You can also use a tax software and plug in your info - just try not to underpay the IRS.

"Beyond a 10-percent grace, you're looking at penalties and interest if you have underestimated and underpaid that tax due," Walser said.

Copyright 2018 CNN. All rights reserved.

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