October 3, 2014 10:15 am

Deadline for Filing Extended Returns Approaches

The IRS reports that 13 million taxpayers are on extension for filing their 2013 returns. If you are one of them, don’t miss the filing deadline of October 15, 2014; returns filed after this date are subject to late filing penalties.

You can still e-file your return if you act by this deadline. However, if you miss this date, you must file a paper return for 2013.

You have many payment options, including the IRS’s new Direct Pay program (which has not registration or costs for making a direct transfer from your bank account). Don’t let your inability to pay what you owe keep you from filing on time. Ask for an installment agreement or charge your taxes to a credit card to spread your payments.

Find more guidance about the October 15 deadline from IRS on YouTube (https://www.youtube.com/watch?v=ZTvDVNKXII0).

Source: http://www.irs.gov/uac/Newsroom/Tax-Filing-and-Payment-Extensions-Expire-Oct.-15;-Check-Eligibility-for-Overlooked-Tax-Benefits;-Choose-Efile;-Epay-with-New-Direct-Pay

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Tax Glossary

Points

Charges to the homeowner at the time of the loan. A point is equal to 1 percent. Depending on the type of loan, points may be currently deductible or amortized over the life of the loan.

More terms