YORK, Pa. — Tax Day is here!
The IRS is expecting about 15 million people to request an extension for time to file.
If you want to file an extension, experts say you need to have a tax software and file a 4868 form there there.
When it comes to filing an extension, experts say the biggest misconception is thinking an extension of time to file is an extension of time to pay.
“If you file an extension, that is an extension to file only. It doesn’t give you an extension to pay your taxes. The payment for taxes is still due April 18," said David Riggs, a tax expert.
Estimated tax payments are also due today.
Estimated tax is a quarterly payment of taxes based on the filer's reported income for the period. Most of those required to pay taxes quarterly are small business owners, freelancers, and independent contractors.
“For first quarter, second quarter is due June, third quarter is due in September, and fourth quarter is due January 15, 2023," explained Riggs.
If you file your taxes late and you're getting a refund, there's no penalty for filing late. If you owe money, the IRS will tack on interest and penalties.
Experts say the fastest way to get a refund is to file electronically and get direct deposit into your bank account. They say it usually takes less than a month to get a tax refund.
If you own a business in York or Adams county, you have to file a mercantile tax at the York- Adams tax bureau.
The IRS encouraging taxpayers to file electronically because tax software does the calculations, flags common errors and reduces tax return errors by prompting taxpayers for missing information.