St. Paul, MN (NNCNOW.com) --- The tax deadline is fast approaching with only one week to go before they're due.
State and federal income tax returns must be received or postmarked by midnight on April 15th.
However, if you cannot meet the deadline to file your taxes by next week, you must request an extension from the Internal Revenue Service (IRS) by April 15th to avoid penalties.
Taxpayers who file an extension request with the IRS automatically receive a state extension as well.
With an extension, you have until October 15, 2013, to file your state income tax return and pay your taxes without penalty. However, 1% interest will accrue each month on the amount due until it is paid in full.
You can avoid the interest charges by making estimated tax payments (online or using 2012 Form 1-ES) for the amount you expect to owe.
If you cannot pay your taxes in full, you can request a payment plan online.
For more information on filing your taxes or requesting an extension, click on any of the links below:
Internal Revenue Service (federal taxes)
Minnesota Department of Revenue
Wisconsin Department of Revenue
Posted to the web by Krista Burns