Filing for an extension could save you in the long run

POSTED: Friday, April 13, 2012 - 6:00am

UPDATED: Friday, April 13, 2012 - 6:04am

If you haven't filed your 2011 taxes you don't have much time left. The deadline to file your taxes or an extension is April 17.

The IRS says they're expecting tens of thousands in Louisiana to file for an extension. The agency says that's better than not filing anything at all.

An IRS spokeswoman says not filing anything when you owe means lots of penalties and they add up quickly.

“So if you do not file on time, do not request an extension, and you have a balance due to return you are going to have the late filing penalties along with the interest and the failure to pay penalties on top of what you owe,” Dee Stepter, IRS, explained.

If you owe anything, even if you file for an extension, the money is due to the IRS on April 17.

Click here for more tax tips.

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