Tax filings down slightly as deadline nears

Tax deadline extended to the 18th of April

Good news if you haven’t filed your taxes yet, the standard April 15 deadline is extended this year to April 18, giving you a little extra time to gather your paperwork.

Liberty Tax Preparer Jim Clark said there are procrastinators as usual, but this year there are a bit more. He says reports they've received from the IRS show the number of filings is down around four percent.

The tax expert says there are a couple reasons why: confusion with healthcare, many are unsure what penalties they may face causing them to file later, and taxpayers are receiving their forms later.

"A lot of confusion on people's part--path act confusion-- Obamacare penalties --health care penalty whether you have it or not, there's not a lot of clarity in regards to that,” Clark said. “I know this year there was a lot of delays with the 1099s going out in a timely fashion, W-2s in timely fashion -- so it's kind of a culmination of lot of different things,” he said.

Because of this, crowds are expected to roll in over the next few days.

“You’re going to see a multitude of people coming into the tax offices over the next week — week and a half,” Clark added.

To help speed this up this process as much as possible, Liberty Tax preparers say use the information you already have to jump-start your refund, delaying to file will only hurt you.

"A lot of people -- if they owe taxes -- they'll either decide to not file or file later on, or they think they can file an extension and that will keep them from having to pay penalties,” Clark said. "It's always best to file by the deadline whether you can the IRS or not, so my advice to all of our clients is to pay as much as you can, so you have the least amount that would carry you over, and accrue penalties and interest."

Other tips to keep in mind include:

-Make sure the spelling of your name, social security number, taxpayer ID number and current address are correct;
-Double check the math, even if you're sending your forms electronically;
-File before the deadline to avoid extra fees.

You can also contact the IRS and see if you can get a short-term extension to pay up to 120 days, allowing you to make installments.

© 2017 KVUE-TV


JOIN THE CONVERSATION

To find out more about Facebook commenting please read the
Conversation Guidelines and FAQs

Leave a Comment