(04/04/14) - Tax day is quickly closing in on us. If you haven't filed yet,
don't worry - you're not alone.
According to the IRS, 28 percent of taxes aren't filed until the final two weeks before the April 15 deadline. If you are one of the 28 percent for whatever reason, here are some tips to remember:
- Don't let the time crunch cause you to make mistakes. Incorrect or incomplete filings could result in penalties.
- If you need to file for an extension, you must do so before the tax
deadline. Filing an extension doesn't mean you have additional time to pay, it
just gives you until Oct. 15 to get the paperwork together.
- Something to keep in mind, the penalty for not filing is usually greater than the penalty for not paying on time.
- Don't ignore your taxes altogether because you think it will take too long.
You will face penalties, interest and stress.
"Unfortunately, there are a couple things in life that you have to do. You have to pay taxes. So, sometimes you have to carve out an hour out of your day, even an hour and a half, to sit down, pull your stuff together. Pull your tax stuff, your mortgage interest, your W2's and just take a little bit of time. It's a part of life in regards to have to file taxes," said Lonnie Maxwell-Cook, CPA and partner at Plante Moran.
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