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April 16, 2008

Didn't make the tax filing deadline? It's not too late

Was it 12:01 a.m. by the time you made it to the post office to mail your tax forms? Or did you already file taxes only to realize you forgot something?

There may be hope.

Taxpayers can still file late returns. But here's the catch: If you owe money, you had to have paid your estimated tax by April 15 to avoid penalty fees.

If you remembered an additional deduction, or forgot to include an income source, you can add an amendment -- but again, if you owe money, and to avoid a penalty, you needed to file the amendment by April 15.

And, according to the IRS Web site, amended returns should not be filed until after the original return has been processed, about six to eight weeks.

Online filers can get six-month extensions, but to do so, you must have filed the automatic extension of time to file form -- by April 15.

In essence, you needed to anticipate a problem, let the IRS know, and then go about solving it.

For more information on taxes, visit Tax Time on projo.com, or see the IRS Web site, where taxpayers can check the status of refunds, find help from taxpayer advocates.

If you've ever wondered "Why do I have to pay taxes?"... the IRS has a few answers.

And, the IRS has one last reminder: It is never too late to file.

-- projo.com staff writer Brandie M. Jefferson

Posted by Brandie Jefferson  at 8:25 AM | Permalink

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