What you need to know before Tax Day on Tuesday - Tucson News Now

What you need to know before Tax Day on Tuesday

Source: iStockphoto.com / Bart Sadowski Source: iStockphoto.com / Bart Sadowski
TUCSON, AZ (Tucson News Now) -

Time is running out to file your 2016 tax return.
 
The deadline is this Tuesday, April 18 and if you miss it, you risk the possibility of facing interest or penalty fees.
 
If you haven’t done filed your taxes yet, you’re not the only one.
 
State tax officials reported an estimated one million Arizonans hadn’t filed as of Thursday, April 13.

Internal Revenue Service officials say taxpayers who choose to electronically file must do so before midnight Tuesday to meet the deadline.

You can e-file for free on the IRS web page.
 
Bill Brunson, an IRS spokesperson recommends last-minute tax filers to e-file.

“It’s fast in the sense after 48 hours after you transmitted it, you’re going to get an acknowledgment from the IRS, saying yes we’ve received it or we have an issue and you need to resubmit it,” said Brunson. “It’s accurate in the sense that the software does all the math for you. It’s secure in the sense if you have a refund coming, you can request it can be directly deposited in your savings or checking account and the IRS can put that in your account in 21 days or less,” he explained.
 
“It costs the federal government more money to file a paper return than it does an electronic return. So by you choosing to electronically file, which gives you several benefits, you’re saving the federal government money which saves your tax dollar,” he added.  
 
Those who decide to mail their paper tax forms in must have their package postmarked by Tuesday’s date.

If you need more time to file your 2016 tax return, you must file for an extension ASAP. However, the IRS wants you to know that it doesn’t grant you an extension to pay your taxes if you owe. To learn more, click here.
 
For more tips, click the Tucson News Now tax guide page.

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