Mailing taxes late biggest mistake
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Bloomberg News
WASHINGTON — Like college students cramming for final exams, about 53 million Americans and their accountants will spend this weekend finishing their tax returns, which must be in the mail by tomorrow.
Tax professionals and the Internal Revenue Service are urging those who have waited until the last minute to be careful in their rush to the post office to avoid mistakes that could trigger an audit, interest or penalties.
The biggest mistake to avoid: Missing the deadline. Hundreds of post offices — though not all — will stay open as late as midnight tomorrow.
Tax returns may also be sent using Airborne Express, DHL Worldwide Express, Federal Express and United Parcel Service.
Electronic filing is also available. It is quicker, more accurate and usually results in a faster refund, the IRS says.
Those who run out of time should file for an automatic four-month extension using Form 4868, or by calling the IRS toll free at (888) 796-1074 before midnight, April 16.
Any tax owed must still be paid by tomorrow or penalties and interest up to 0.5 percent per month will accrue.
