Wednesday: The Dreaded Tax Deadline
Posted April 13, 1998 7:00 a.m. EDT
FAYETTEVILLE — Procrastinators are starting to panic on tax deadline day.
However, there is one form that will allow an extension before paying.
At the Fayetteville Internal Revenue Service Office, the slot for form number 4868 was refilled three times on Tuesday.
One day before April 15th, this extension form is the most popular.
Deborah Smith said that she has always filed her tax return on time, but that will not happen this year.
"Procrastination, a lot of new things and just so busy, everyday it's something," Smith said.
A lot of taxpayers are under the impression that they do not have to pay right away, if they fill out the extension form, but that is not the case.
Internal Revenue Service worker Cartha Hayworth said, "They need to make their best guestimate on how much they actually owe and go ahead and send it in."
However, if the form is not sent in, the IRS will charge 8 percent interest on the amount owed and perhaps a fee as a late payment penalty.
If a person does not have the money to pay in full, an Installment Agreement Request may work.
Tax Preparer Sherri Woods explained the questions asked in the paymentment plan, "How much you are willing to pay with the return because you do have to send a payment in and how much you want to make in monthly payments and when you would like to pay them."
North Carolina also has a similar form for state taxes.
The IRS has already processed more than 48 million refunds.
The average refund is up four percent from this time last year.