April 15: Tax deadline

Reported by Gavin Johnson - bio|email
Posted by Debra Worley - email

WILMINGTON, NC (WECT) - April 15 is the tax deadline for millions of Americans, and if you haven't filed your taxes yet, you have a few hours left.

The post office on Front Street in downtown Wilmington wasn't as crowded as it had been in the past.  Employees believe that's because so many people are filing their income taxes online.

Accountants with Old North State Wealth Management said that because of the economy, many of those people are probably "delinquent income taxpayers," meaning they're people who are suppose to pay taxes throughout the year but didn't.

"So those folks come tax time don't have the funds to pay their taxes and we're typically extending those folks and trying to get them to pay after that," said Lee Martin.

Certified public accountant Lee Martin said in order to survive, many taxpayers spent their income trying to make ends meet rather than paying taxes, and likely took money out of their retirement accounts.

"Those withdrawals, in some cases we see, are taxed and subject to be penalized for early withdrawal," said Martin.

Taxes must be postmarked or e-filed by midnight April 15.  If you miss the deadline you can file a form 4868, which gives you an extra 6 months.  Those forms can be found online at www.IRS.gov.

The IRS reminds you that taxpayers who owe taxes and don't file their tax return by the deadline may face interest on the unpaid taxes and a failure-to-file penalty.   Also, an extension of time to file is not an extension of time to pay.

Taxpayers who can't pay the full amount by the filing deadline should pay as much as they can by the deadline to minimize interest and penalties due.

©2009 WECT. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.