Time is running out for Tax Procrastinators

You've fooled around long enough; it's time to get those taxes done or file for an extension. Luckily, getting the extension is pretty easy.

Michael Smith at STA Wealth management says any of the free tax prep software programs, like TurboTax, can do it.

"If you have a complex return it's probably not as simple, but for the most part if you have a straight-forward W2 income, the tax software has gotten a lot more advanced."

Smith says his clients have lots of reasons for being late.

"Probably the most common is people that maybe had a life event, or, you know what, just procrastinators in general who can't put their stuff together need to file for an extension."

The extension will give you until October 15th to file. But Smith says you'd better get it done by then, because you don't want the IRS to start penalizing you.

"The IRS is gonna be nice and gracious and give you at least that extra time and if not then the penalties -- that's gonna be something you don't want to deal with, so my advice is get it done on time if you can and if not, at least by the extension."

One extension is the only delay allowed. But you still need to pay what you owe by April 15th, or you'll be charged interest.

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