It's
tax deadline day and there's just hours left to file your taxes or file
an extension.
The IRS
is urging everyone to file their returns electronically, because right now it
is taking up to six months to process a paper return.
This
year's return will be a little more complicated than usual for those trying to
meet the deadline.
That
is due to the need to factor in the child tax credit, the third stimulus check
and new rules about reporting income from cryptocurrency.
Bottom Line
CPA Ed Slott says to get some sort of paperwork in by 11:59 p.m.
“The
penalty for not filing is 10 times higher than the penalty for not paying,” says
Slott.
Tax
experts say aside from getting your tax forms in, you also have until today to
contribute to your IRA or Roth IRA.