Last-minute tips for Tax Day
WILMINGTON, N.C. (WECT) - April 15th is many people’s least favorite nonofficial holiday, but you may have noticed you had a few extra days this year to file your taxes.
The clock is ticking and your last chance to file or ask for an extension is Tuesday, April 18.
Today will be the busiest day for tax professionals, and if you haven’t filed your taxes yet, then there’s a good chance you need to start thinking about a backup plan.
If you can’t pay the full amount of your taxes on time, you can apply for a payment plan.
If you need more time, you can file for an extension, but remember an extension only gives you more time to file your return and not more time to pay any taxes you owe.
“The extension keeps you from getting a 5% penalty per month, and it gives you an additional six months to get your tax return completed. The extension does not extend the time for payment. So, if you think you owe something, you need to go ahead and pay that otherwise you will be charged interest on that money,” said Clement Goodson, managing partner at Goodson & Taylor CPAS.
Some people file their taxes by using a tax professional or tax software that they purchase, but there are also free online options.
Filing your taxes yourself online can be a convenient and efficient way to complete your tax return.
Electronic filing is generally faster and can help you receive a refund more quickly. Some popular options are Turbo Tax, H&R Block and Tax Act.
If you decide to file on your own, Goodson explains what you need on hand to file.
“If people are filing their returns themselves, make sure you keep a copy of your return. A lot of the off-the-shelf tax preparation programs out there don’t actually give you the option in an easy way to get a copy of your return. You just think it’s always going to be there, but the next year you have to pay for that service again just to get a copy,” said Goodson.
It’s always a good idea to consult with a qualified tax professional if you have any questions or concerns about your tax situation.
Remember if you can’t file your taxes today, then you need to file an extension so that you can file later.
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