Deadline for federal tax filings is April 17

Annette Kraft               CBS News

If you do not think you're going to make the April 17 deadline, you can log onto www.irs.gov and fill out a 4868 form for an extension, but even if you do fill out the form, you may be still charged a penalty from the IRS. Fundtrat's Tom Lee predicted earlier in the month that the cryptocurrency market took a dip earlier in the year due to investors needing money to pay the capital gains tax.

Since the credit reporting agency last provided its statistics, the number of people who reported cryptocurrency gains on their tax returns for this year hasn't changed. It only gives you more time to file your return.

This year, tax day is on April 17th.

You can submit the form electronically through the IRS website before midnight on April 17. Once your return is filed with the IRS, the information - most notably your Social Security number - is locked and can not be used by anyone who might want to fraudulently claim a tax refund.

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"There's no reason for you not to prepare or have your tax return prepared for 2014 so that you can get your refund", Helen Fuller, a tax preparer with Liberty Tax, said.

ADOR encourages taxpayers to file electronically and to use direct deposit for refunds because it is faster and more secure. The IRS expects more than four out of five tax returns will be prepared electronically using tax software.

Thanks to the calendar and a law that prohibits tax deadlines from being on holidays, you have two extra days to file. The new extended due date for the tax return is October 15. If you can file your taxes on time, you should.

Those planning to mail their returns need to make certain they're turned in the mailbox at the post office - the one outside or the one in the lobby - by 5 p.m. If you're self-employed, lower your quarterly estimated tax payments accordingly. The result is that it's like a federal holiday and that means that taxpayers have an extra day to file taxes. Individuals and businesses should ask their preparer how many times they've been the subject of an audit and over what period to avoid this issue from affecting them. However, they're more than happy to hang on to the money they owe you if you don't.

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