Tax deadline: Things to know about filing taxes

What to do if you miss the tax filing deadlineMore

Taxpayers will have until this coming Tuesday, April 17, to file their 2017 tax returns and pay any tax due because April 15 falls on a Sunday this year, and Emancipation Day - a holiday observed in the District of Columbia - falls on Monday, April 16.

Filing for an extension does not extend your tax liability payment.

If you're doing your taxes yourself and plan to file taxes online, you can fill out Form 4868 to file a tax extension directly through IRS.gov or via your choice of tax-prep software, like TaxAct's online tools or TurboTax Easy Extension.

You're probably wondering about this basic question: How can I file for an extension? This year our chances of being audited by the Internal Revenue Service are significantly lower (the IRS' own statistics tell us this).

Tax deadline: Things to know about filing taxes
Tax deadline: Things to know about filing taxes

Officials say a tax extension is an extension of time to file, not an extension of time to pay. Taxpayer Clint Parker said waiting to the last minute worked in his favor. "This penalty is larger than for not paying any balance due", advised Gil Charney, director at The Tax Institute at H&R Block.

According to tax professionals, the IRS will never demand immediate payment or threaten to call police or immigration or ask for unusual payments, like gift cards or wire transfers.

While many Americans enjoy getting a tax refund, others would rather have access to that money throughout the year.

"They need to file a tax return or extension by April the 17 because failure to file penalties accrue a lot faster and they're more substantial than just a failure to pay penalty; and so even if you can't pay what you owe you need to file the tax return itself", she said. But previous debts to the IRS last until they are fully paid. Then, subtract this year's withholdings and estimated payments you made over the course of the year, and send the difference to the IRS this year.

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