Deadline Looms for Taxpayers with Oct. 16 Extension, Non-Profit Law Firm Can Help with Tax Debt

· News Releases,LITC

(FORT MYERS, Fla.)- The clock is ticking as the tax filing Oct. 16 deadline approaches for taxpayers who were granted extensions earlier this year. Taxpayers who requested additional time to file their taxes now have just one day to submit their returns. This extension provides much-needed relief to those who required more time to gather the necessary financial information, but it is essential not to let this extended deadline slip away.

Florida Rural Legal Services, Inc. Low-income Taxpayer Clinic (LITC) is a free legal-aid clinic that provides legal services to low-income taxpayers who are dealing with federal tax disputes or debt involving the Internal Revenue Service (IRS).

FRLS also provides free educational tax training for those who speak English as a second language. The non-profit law firm provides services to qualified individuals who speak English as a second Language (ESL) with free translation services provided.

Even with an extension, the IRS expects you to have estimated your tax bill and paid at least 90% of it by the regular filing deadline, which was April 18.

If you filed for an extension and miss the October deadline, here’s what you can expect to happen:

You may owe a late-filing penalty. The IRS can hit you with a late-filing penalty of 5% of the amount due for every month or partial month your tax return is late, up to 25% of the amount due.

That fee increases the longer you wait. If your return is over 60 days late, the minimum penalty for not filing increases to $450 or the amount of tax owed, whichever is smaller.

You may also owe a late-payment penalty. The IRS' late-payment penalty typically is 0.5% per month of the outstanding tax not paid by the filing deadline. The maximum penalty is 25% of your unpaid taxes, which continues to accrue until your bill is paid.

Don’t forget about the interest. Interest starts accruing on your late tax bill immediately after the tax filing deadline in April, so if you haven’t yet paid by October, your fees may be hefty.

Notice: The LITC does not generally provide tax return preparation. Our employees are responsible for ensuring that requests for reasonable accommodation are granted when the request is made by a qualified individual with a disability.

Apply for free legal tax services by phone 8:30 a.m. to 5:00 p.m., call 1-888-582-3410.