The clock is ticking for people to file their taxes without being penalized.
Whether they go to an office to get their taxes done or do them on their own, experts say it’s important to file something to avoid the penalties.
“If you can’t get there and you’re not quite ready to file your tax return make sure you at least file an extension,” H&R Block employee Andy Phillips said.
Phillips says the penalty of not filing on time is 10-times greater than the penalty for not paying on time.
But experts say requesting an extension does not mean people have more time to pay.
For those who can’t afford to make the complete payment by Tuesday, Phillips says there are options.
“You may be able to enter into a short-term agreement, which is 120 days or less, or you may be able to enter into an installment agreement that may extend several months,” Phillips said.
When it comes to taxes, no one likes surprises. Experts say the tax reform, taking effect when filing in 2019, affects virtually everyone.
Right now, paychecks may seem bigger but that means people could end up paying more, later.
“You want to adjust your withholding with your employer with what’s called your W4 you can reduce or increase your amount of taxes being withheld from your paycheck to get that result you want when you file next tax season,” Phillips said.
Tuesday is also the deadline to file a tax return from 2014 and still get a refund.
Good news for those still needing to file, employees at H&R Block will be working on extended hours, from 9 a.m. to 9 p.m. Monday and Tuesday.
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