NEW YORK (CNN) -- Whether you plan to have someone else prepare your taxes for you, do it online or the old-fashioned way, by hand, here are some tips for last-minute filers.
If you need a little more time, file for an extension by the 15th. This will give you an additional six months, until October 15th, to file your return. To get the extension, complete and file Form 48-68 either online or by mail. You can find it at irs.gov.
Whether you are filing now or getting an extension, make sure you take advantage of all the tax credits and deductions available for 2009, including the first-time homebuyer tax credit, the American opportunity credit for college students and the energy property credit for "greening" your home.
But remember, an extension is just for filing your return, not for paying any taxes you owe. You are still required to pay on time.
If you are worried about not being able to pay the IRS, it is still important to file your return on time to avoid a late filing penalty.
The late filing penalty is 5% per month and it adds up very quickly. It will end up costing you much more than the late payment penalty in the end.
Start by paying as much as you can with your return to help reduce interest and penalty charges.
Then you can request to pay the remainder in monthly installments. For that, submit Form 94-65 with your return and list the amount you propose to pay each month. The IRS will let you know if your request is accepted.
Keep in mind that there is a one-time $105 fee for entering into this agreement. The fee is reduced to $52 if you make your payments electronically.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.79%||3.76%|
|15 yr fixed||3.00%||2.96%|
|30 yr refi||3.77%||3.75%|
|15 yr refi||3.01%||2.98%|
Today's featured rates:
Nike is opening up shop on Amazon.com and the company plans "big shifts" over the coming year. More
The shutdown, which raised protests from navigator groups, will occur from midnight to noon on on all but one Sunday. More
As if Uber's new CEO didn't already have his work cut out for him, Dara Khosrowshahi has to deal with losing London. More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More
When you're making big career decisions, you turn to your mentors and your trusted peers. But how do you find these mentors and trusted peers in the first place? More