Last minute tax filing tips
According to the IRS 1 in five people wait to the last few days to file their taxes
LA CROSSE, Wis. (WKBT) — If you still haven’t filed your taxes have until midnight to do so. However, experts said there may be a better option.
On a warm spring day, George Moltrie is glad he doesn’t have to think about what most do on April 15.
“Taxes are done, I’d them about a month ago,” Moltrie said.
Like Moltrie, many people are ahead of the game.
“We filed our taxes Feb. 2, my husband and I usually try to get our taxes done right away so we don’t have to worry about them,” Michelle Johnson said.
However, some haven’t been as on top of their taxes. Accountants said if you haven’t filed yet, play it safe and file for an extension.
“Everyone is qualified to file for an extension if they didn’t have all of their paper work,” Lin Wang the director of accounting firm Advisors Management Group said.
However, if you owe money to the Internal Revenue Service is due Wednesday no matter what, even if you have an extension.
If that sounds like you, accountants can help you guess how much you owe, so you can send the right amount of money in and avoid a penalty.
“Most of the time we go back to the previous year, and then roughly enter most of their information in there, and then let them know it will be safe to make a payment today and they can complete the tax return later on,” Wang send.
Once you do file your taxes, if you’re expecting a return, it will be ready in about a week.
Once you are granted an extension you have till October to file your taxes. If you owe the IRS a large amount of money it’s best to still pay a chunk of it by April 15. The less you owe the less interest and fewer penalties there will be.