Can’t Get Your Taxes Done By April 15? WI Department of Revenue Explains How To File For An Extension and Other Useful Information
We are less than a week away from April 15. The dreaded date by procrastinators who have waited until the last minute to get their taxes done or those that KNOW they'll have to pay in and are waiting. Still, others just don't have their records in order and may need a little more time. The Wisconsin Department of Revenue gives residents some helpful tips to help alleviate stress and help move the process along.
Remember, for all states income tax returns must be received or postmarked by midnight on April 15. If you can't file on time, you are encouraged to request an extension.
The state of WI has a easy way for you to meet the deadline, by using WI e-file. Secretary Richard Chandler says,
"WI e-file is fast, easy and accurate. The program does the math for you, and you will get confirmation that your return has been received so you know you made the tax filing deadline."
Taxpayers who file an extension request with the IRS automatically receive a state extension. You do not need to submit a separate extension request with the Wisconsin Department of Revenue. So, how do you request an extension?
With an extension, you have until October 15, 2014, to file your state income tax return and pay your taxes without penalty. However, 1 percent interest will accrue each month on the amount due until it is paid in full. You can avoid the interest charges by making estimated tax payments (online or using 2013 Form 1-ES) for the amount you expect to owe.
If you should choose to file electronically, keep a copy of the IRS’ federal extension application (Form 4868) for your records to show that you filed an extension request. I always keep a paper trail of information just in case. If you file on paper, attach a copy of the IRS' federal extension application to your Wisconsin tax return.
Alright, you've filed and found that you owe taxes. What if you can't pay it in full?
You can request a payment plan! It's easy and secure. You can request a payment plan, update an existing plan, or request an automatic withdrawal from your bank account.
Don't stress! There are several FREE tax assistance sites available to help you. Volunteers are available to help prepare tax returns for low-to-moderate income residents, seniors, veterans and people with disabilities. Simply call 2-1-1 to find a Volunteer Income Tax Assistance (VITA) or Tax Counseling for the Elderly (TCE) site in our area.