Tax extension deadline approaches, avoid late penalties Kristina D’Amours — WWLP

Tuesday is tax day for anyone who received a six-month extension in April.

CHICOPEE, Mass. (WWLP) – Tuesday is tax day for anyone who received a six-month extension in April.

Failure to file by the deadline could result in a penalty of 5% due for every month your return is late.

The IRS is granting extensions to taxpayers who live in disaster areas, those returning from a combat zone, and those affected by the terrorist attacks in Israel. “If you don’t have the ability to pay–that’s not a reason to not file, necessarily,” says Ray Maagero, a tax expert at Liberty Tax. “The largest penalties are penalties for not filing. So you want to avoid those penalties at all costs.”

He adds that if you find out later that you need to make a change on a return, you can file an amendment. If you can’t pay, you can also make arrangements with the IRS to do an installment plan.

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