NEW ORLEANS (WGNO)–That’s right, Tax Day is here, and due to the pandemic causing ongoing struggles, many might have been procrastinating this year on filing taxes for 2020. So, here’s what do you do if you need more time.
You should file for an extension by submitting a 4868 form, according to tax experts, but remember an extension to file is not an extension to pay.
You’ll need to estimate how much you owe and make a payment. If you can’t pay right now, don’t panic.
“Send something as much as you can call the IRS, let them know your situation, try to do a payment plan. The IRS is always willing to work with taxpayers. But we can’t help you unless you contact the IRS,” explained Alejandra Castro, a tax expert.
If you’re waiting on a refund, they are typically issued within 21 days. You can check the “where’s my refund” tool on the IRS website for status updates.
if you were surprised by the amount of money you owed this year – you may need to make adjustments to your withholding. There is an irs withholding calculator at IRS.gov that can help you do that, as well.