Tips for tax return procastinators

The race is on to get those tax returns done by midnight Tuesday. And a lot of people aren't going to make it in time.

Sandra Block, senior associate editor at Kiplinger's Personal Finance Magazine, has this advice for procrastinators.

"If you know that you don't owe the government money, there's no reason to stress,” she said. “You can file for an extension – you don't have to give a reason – and that gives you until October 16 to file your return.”

There’s also no reason to stress about the deadline if the government owes you money.

“It's better to take your time and be sure you don't make mistakes that will cost you money,” Block said.

Keep in mind, that extension does not give you more time to pay any taxes you owe. That's still due on the 18th.

If you can’t pay your tax bill right now, talk to the IRS. There are options, such as an installment plan.

Even if you can't come up with the money, file the paperwork or request an extension. That way, you won't get hit with expensive failure-to-file penalties.

One more tip: Mistakes will slow down processing and delay your refund. So check your work or use an e-file program which can spot problems.

More Info: Tax Tips for Procrastinators

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