Last-Minute Tax Filers: What Happens If You Wait?

Today is the deadline to file your taxes— or at least file for an extension. Tax professional Debra Palacio, Owner of Palacio Payroll and Bookkeeping, weighs in on what happens when someone comes in on April 15th with nothing prepared. Palacio says filing an extension is your best bet. She says generally those who will be getting money back file early, and those who will owe money, wait longer to file. But as long as it's submitted (electronically or by mail) by April 15th, you will not be penalized. For those in a bind, a tax extension gives you an additional six months to file your federal return. The free process gives you plenty of time to get your forms together, work through complex tax situations and submit everything to the government without penalty. Although a tax extension can be convenient, one downside is that it will take longer to get your refund.