Breaking News

Friday, August 29, 2014 - 10:56am
Watches & Warnings Warnings

TAX DAY: If you haven't filed, you're not alone

MGN-Online
News

POSTED: Wednesday, April 9, 2014 - 4:03pm

UPDATED: Tuesday, April 15, 2014 - 1:38pm

The deadline to file your taxes is just one week away, but if you haven't filed yet, you are not alone.

According to a survey by Turbo Tax, up to 25 percent of Americans wait until the last two weeks to file their returns.

On Tuesday, KETK spoke to local tax preparer Kim Lindsey with Jackson Hewitt who says, if it looks like you owe money this year, the worst thing you can do is "do nothing."

"If you don't file an extension and you owe the IRS," explained Lindsey. "Your "failure to file penalty" is five percent a month up to 25 percent of the tax liability you owe. So, if you owe $4,000, you could be looking at a penalty of $1,000."

Lindsey also says if you need help paying the IRS this year, the best thing to do is file an extension and pay a portion of what you owe, that way you don't face a "failure to file" or "failure to pay" penalty.

Comments News Comments

A good way to get your taxes done quickly & efficiently is to visit an Enrolled Agent.
They are the only IRS licensed tax preparers in the USA & it's territories.
They specialize in tax prep & representation .
I had mine done on the 900 Block by the EXXON on W Front St.
I didn't have money to pay the IRS & I didn't need an extension.
I filed and set up a payment plan.
So, I don't worry & know how much I'll pay & when.
Enrolled Agents know these important facts others don't.
They're tax experts!

Post new Comment