The Internal Revenue Service extended the tax filing deadline to May 1 for some Georgia residents. Taxpayers have until midnight tonight to file their taxes and pay what they owe. Georgians can also apply for an extension until Oct.
15 to avoid being penalized. However, even if you ask for an extension to file, you will still have to pay your tax bill by today.
Tax extension granted in Georgia
If you decide not to file or pay and do not ask for an extension, there are penalties that are automatically issued by the IRS. This includes a failure-to-pay fine of 5% of the unpaid taxes per month up to 25%. If the return is more than 60 days late, the penalty can vary, with a minimum penalty also applicable.
If you can’t pay the full tax bill, you can request an adjustment to reduce the penalty. Interest on the unpaid tax bill is adjusted quarterly and starts accumulating immediately if not paid on time. Make sure to file or apply for an extension by midnight tonight to avoid these penalties.