Tax Day isn't much of a deadline if you're due a refund

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If you get your health insurance through the federal marketplace, don't forget your 1095-A.

Those who don't file by today may face penalties and interest, Internal Revenue Service officials said yesterday. Folks have already filed millions of returns.

The IRS says to prevent that, you should submit your returns electronically because fewer mistakes are usually found in electronic returns, compared to paper returns.

Form 8868 - An application for extension of time to file an exempt organization return.

- People illegally in the US pay taxes.

So filing a 4868 form with payment, which can be done online, will keep you in the IRS' good graces for the time being.

The process and requirements for filing for a state tax extension vary.

Taxpayers who haven't gathered all the proper information to file a complete and accurate return can apply for an extension.

This year April 15th fell on a Saturday. You can do it online for free. Taxpayers have three years from the time the tax is due to claim one so April 18th is the last day taxpayers can receive a refund from the 2013 tax year.

"There have been cases where people who came in thought that they owed and then due to tax credits that they had available to them they actually had a slight refund", he said.

While you won't see Elvis you will still see the LIberty Tax statue dancing away on Military Avenue and just like they did twenty years ago tax firms plan a big celebration when the season comes to a close. Note the important distinction: an extension to file does not mean an extension to pay. You don't want to add to your tax bill by triggering a failure to file penalty. In some instances, the taxpayer may qualify for an offer-in-compromise.

If you've bought or sold a home, changed jobs, started a business and exercised stock options, among other things, you may need more time to gather the information you'll need to file. The IRS says the average tax refund for 2016 in Colorado is $2,560. The monthly penalty for not filing a tax return is 5 percent and capped at a maximum of 25 percent.

Make sure you're getting all of your deductions and tax credits. If both penalties are due in the same month, the failure to file penalty is reduced to 0.5%.

Haven't filed your taxes yet? To avoid penalty and interest charges, all taxes should be paid no later than Tuesday.

The interest rate is now 4 percent per year and is compounded daily. You can upload documents, chat, and follow your filing all through the app.

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