INDIANAPOLIS, Ind.- If you got a six month extension to file your 2014 taxes, it expires at midnight on October 15.
The IRS says 13 million people requested an automatic six month extension earlier this year.
If you don’t file a return by midnight on October 15, you could face some very costly financial penalties.
One local tax expert explained it’s better to file and not be able to pay the money you owe the state of federal government, than to avoid filing a tax return altogether.
“If you can’t then pay, you can establish a payment plan with the IRS or the state for that matter, they both work under the same theory… they want their money and they’ll get that money through various processes," Kevin Sethman, a tax professional with H&R Block.
Not filing a tax return could result in some people losing their health care tax credit.
This applies to individuals who purchased health insurance the health insurance marketplace.
Open enrollment through the marketplace for 2016 starts November 1.
2014 tax returns will be used to determine if a person continues to qualify for a health insurance subsidy.