Tax Day 2021: what you need to know and how to file an extension request
SALT LAKE CITY – Today is Tax Day and local experts say many people have waited until the last minute to file their cases, although the deadline is around a month later than habit.
Susan Speirs, CEO of the Utah Association of CPA, says that even with the extra time, a lot of people are just wired to wait until the last day.
“People tend to wait until the last minute to file their cases, especially if they have to,” she explained. “It’s just human nature.”
She added that pushing back the deadline had the unintended consequence of placing an even greater burden on accountants and tax experts.
“Lots of long hours and a lot of midnight oil burnt,” Speirs said. “You know, because people wait until the last minute, but they don’t want to prolong their return.”
Not ready? Find an extension
For those who haven’t filed yet and don’t think they can do so by today, she says the best option is to get an extension.
IRS Form 4868 is required to grant an extension. It can be submitted electronically and will extend the filing deadline to October 15.
Those who fail to deposit on time or obtain an extension will be subject to late filing and / or late payment fees. According to Speirs, these penalties can represent up to 25% of the tax due.
According to a recent CNBC poll, about a third of all people procrastinate to file their taxes.
A majority say they do it because it takes too long. About 22% of respondents say they postpone the activity due to the stress involved, while 10% say they are in no rush to file because they know they are not ready to receive a refund. Only 6% say they postpone their deposit because they fear they will end up owing the government money.