VIRGINIA BEACH, Va., April 16, 2012 /PRNewswire/ -- This year, the tax filing deadline is April 17. Taxpayers will have a few extra days to file this year because April 15 falls on a Sunday, and Emancipation Day, a holiday observed in the District of Columbia, falls this year on Monday, April 16. Liberty Tax Service has extended hours for last minute filers at participating Liberty Tax locations.
"At Liberty Tax Service offices, taxpayers can e-file their tax return or extension around the clock up to the midnight deadline," noted John Hewitt, CEO of Liberty Tax.
Taxpayers who owe taxes have some choices.
The IRS will grant an automatic six-month filing extension to taxpayers who file or e-file a timely extension application. Individual taxpayers need to file or e-file Form 4868 by April 17 to be granted a filing extension until October 15.
An extension of time to file a tax return still does not constitute an extension of time to pay any tax liability. Penalties and interest accrue starting April 18 if the tax liability has not been paid.
What can someone do who owes the IRS money but can't pay the full amount by April 17? Taking out a bank loan may be the least costly option, or apply to make installment payments by completing Form 9465.
Form 9465 FS is new this year, and can raise the tax liability limit from $25K to $50K for those who qualify. There's also Form 1127A for people who have been unemployed who may be granted an extra six months to pay without a penalty. Interest still accrues from the tax deadline until the tax is paid, but there will be no failure-to-pay penalty if the tax, interest and any other fees due are paid in full by Oct. 15, 2012.
About Liberty Tax Service: Liberty Tax Service (http://www.libertytax.com) is the fastest-growing retail tax preparation company in the industry's history. Founded in 1997 by CEO John T. Hewitt, a pioneer in the tax industry, Liberty Tax Service has prepared over 9,000,000 individual income tax returns.
SOURCE Liberty Tax Service