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It’s Money Matters Monday with Jini Thornton on the Rickey Smiley Morning Show! With the individual tax return deadline vastly approaching (Tuesday, April 18th), our money expert joins to answer Tax Day questions that will keep you ahead of the game.

Here are some things to keep in mind:

  1. If you have not yet filed and won’t be ready by the deadline, file an extension. You will need to complete the Form 4868. Jini suggests submitting electronically to mitigate mailing errors. She gives a reminder that this extension is for filing only, and not an extension on money owed.
  2. Many avoid filing if they owe the IRS money, which is not a great idea. If you can’t afford to pay the balance in full, apply for a payment plan. This takes roughly 10 minutes to complete and will ensure you don’t accrue a failure to file penalty.
  3. Contrary to popular belief, you are required to file taxes for (applicable) loved ones who passed away in the previous fiscal year.

For more tips, view full clip below:

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