Tax deadline is Monday for last minute filers
Mon, 15 Apr 2013 02:48:33 GMT —
The deadline for filing income tax returns is Monday and tax preparers have been working to get those that haven't filed yet to do so.
"File no matter what," said Jack Williams, the owner of the Liberty Tax Service franchises in Amarillo. "Tax problems aren't going to go away. Taxes and penalties are going to occur."
Failure to file by Monday night will result in a failure to file penalty. The penalty is a 5% fee per month plus interest. Those who can't make their deadline can file an extension. There is an automatic six month extension period from the time the taxes are filed.
"Doesn't give them an extension on time to pay, you're still going to get hit with failure to pay penalties if they can't pay it all," said Williams. "But it does avoid that failure to file penalty."
Liberty Tax Service will be filing extensions for free to help the public avoid the 5% failure to file penalty.
"Obviously we hope you'll come back and let us file your tax return but even if you get it somewhere else you can come in and we'll be happy to help you file that extension," said Williams.
The failure to pay penalty is a half of a percent a month plus interest for those that file by Monday but can't afford to pay their return.
Liberty Tax Services recommends that people file electronically and use direct deposit.
"Going electronically is fast and convenient. It also helps avoid those pesty math errors and of course using direct deposit is the fastest, safest way to get your money," said Williams.
Taxpayers could also be receiving more money in the near future. According to the IRS, it has $917 million in unclaimed 2009 refunds. Those who did not file a tax return in 2009 have until Monday to do so and make their claims.
For more information on the IRS and your taxes, visit www.irs.gov
For more information on Liberty Tax Services, visit www.libertytax.com
*File video taken from CNN Wires