Tax experts urge to get taxes by deadline to avoid penalties

Tax experts urge to get taxes by deadline to avoid penalties

CAPE GIRARDEAU, MO (KFVS) - Tax experts are busy as the deadline approaches on Tuesday, April 17.

Traditionally, the tax deadline is on April 15, however, people get an extra two days to file this year. First, April 15 falls on a Sunday which then allows an extra day to file which would be the following day. Instead of Monday being the deadline, it is moved to the next day due to the DC Emancipation Day holiday.

Experts recommend you use these two extra days wisely as you are urged to get those taxes filed in time.

"It's extremely important,' H&R Block Senior Tax Analyst Teresa Robinson said. "If you don't file timely, that penalty can be up to 10 times bigger than the penalty for not paying. So they need to either file a return or file an extension."

Robinson said the penalty for not filing is something you want to avoid. She said they see quite a few people and are busy as the deadline nears.

"A lot of people wait until the last minute because they think they're going to owe,"  Robinson added. "It's very important to get your return filed regardless because of that penalty. It's also just something that has to be done."

Robinson also said a lot of clients are asking how this is going to impact their taxes next year with the new tax laws.

"We have an estimator where we will show them the difference of what it's going to be, as well as, how their withholding is going to be impacted and what their final outcome is going to be for next year," Robinson explained. "Pre-planning is important too. You don't want any big surprises at the last minute on tax returns."

Robinson said they also have an estimator online as well for those that want to try to figure it out their-selves.

"It's not only important to file, it's important to plan for the following year as well," Robinson said. "So you'll have the entire year to adjust things if you need to."

If you still have yet to file, you will need the proper paperwork to ensure you are able to claim what you need for this tax season.

"Any income documents. That will be W-2s, bank interests, also need deductions like mortgage interests," Robinson added. "About 30 percent of people could itemize and don't. So it's important to look at all the documents that would relate to the year including deductions."

While the window closes for this tax season, many people will be filing into those tax preparation businesses to file. So be sure and call or visit these tax preparation businesses as soon as you can to ensure you get it done by April 17th.

If you are preparing them yourself, make sure it is postmarked with by the deadline date.

"The post office will only stay open until their normal time and it has to postmarked by April 17," Robinson said.

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