Tax day is three months late


In this weird year, today is tax day. If you're not ready you can request an extension, but money is due today if you want to avoid IRS penalties.

Author and tax attorney Barbara Weltman told Yahoo Finance there are lots of ways to file for an extension

"Online through your tax software, your paid preparer, or filing a form 4868 with the IRS, sending it in."

But Weltman says you need to pay something today.

"When you're requesting an extension pay what you think you might owe to minimize or avoid any underpayment penalties."

Weltman says while it was once common, very few Americans take itemized deductions these days.

"88% of individuals took the standard deduction and did not itemize; and that's in contrast to, prior to the tax cuts and jobs act changes, where about a third of all taxpayers did itemize."

Today is also the deadline to claim a refund for 2016 tax returns. An estimated $1.5-billion in refunds for 2016 are sitting unclaimed because people failed to file tax returns.


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