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Tips for Tax Day

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"Today will be a very, very buys day for us," said Carol Aldecoa, the owner of five Liberty Income Tax Offices in Fresno.

The bad economy means more people are putting off filing their taxes.

"When you know you're not getting money back, there's no rush to get it done," said Josh Scholar, who waited until the last day to file.

For those who still aren't ready to file, Aldecoa says filing for an extension is essential.  Form 4868 can be filed online free, or through a tax professional. "Doing an extension doesn't alleviate your liability, it just gives you more time," said Aldecoa.

CBS47 dug deeper to get the information you need, even if you get an extension penalties and interest still acrue. The exception is a new program called Fresh Start, it waives penalties for those who were unemployed for more than 30 days or are self employed. But interest do acrue, and you must file for an extension to qualify. You'll face the biggest penalty if you don't file at all.

Members of the military and residents who live outside the U.S. have until June15th to file, military members in combat zones have an extra 180 days, and people who live in areas affected by tornadoes, severe storms, floods or other natural disasters have until May 31 to file and pay.


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