By Kasia Kerridge | CBS 11 Colorado Springs
Tax Day marks the last day to file your taxes, or you will need to get an extension. The IRS is estimating 19 million taxpayers will file for an automatic six-month extension. Although an extension grants extra time to file, the IRS says it does not extend the obligation to pay.
“There’s two penalties you can face if you owe the IRS money by the deadline. The first is the failure the file penalty, and that one is 5% of the unpaid taxes. That one is very severe, and you can avoid that one by filing an extension. The second one is a failure to pay penalty. That one is .5% of the unpaid taxes,” said David Fruh of Jackson Hewitt Tax Services in Colorado Springs.