If you're rushing to finish your taxes, stop what you're doing. Tax pros say rushing to beat the deadline is a good way to send off a return riddled with mistakes.
Get a six month extension instead by filing tax form 4868. Just don't wait until Oct. 16th to get started (Oct. 17 will be your new deadline).
The extension is for your tax return, not the tax you owe. If you think you owe the IRS or state of Minnesota money, you need to estimate your bill and send it off by midnight tonight.
When I've asked accountants in the past about how taxpayers are to know what they owe before they fill out their tax forms, they've suggested mailing in what was owed last year. Just make your best effort; you can true up when you file your return.
Owe money but can't pay? File your return anyway, says the IRS:
Just how many Minnesotans are major procrastinators? According to an e-mail sent by the Minnesota Department of Revenue this morning, the state expects 2.6 million Minnesotans to file income tax returns this year and approximately 2.1 million have filed their 2010 income tax returns so far.
My guess is that 500,000 people won't be waiting in line at the airport post office tonight.
