POSTED: Wednesday, April 9, 2014 - 3:03pm
UPDATED: Tuesday, April 15, 2014 - 12:38pm
Tyler, Texas (KETK) — 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.