BATON ROUGE, La. (BRPROUD) — As of Monday, you have seven days left to get your taxes done. Tax experts say it’s better late than never, especially if you want to get that refund back quickly.
But if you want to avoid paying Uncle Sam a few extra bucks, it’s time to crunch those numbers.
Tuesday, April 18 is the last day to file and apply for an extension. Chief Tax Information Officer, Mark Steber, says the best time to complete the job is now.
“If you’re waiting on that final paperwork. If It hasn’t come. It’s not coming,” Steber said.
The deadline to get your W2s passed three months ago. Three years ago, the tax laws changed, but now that the pandemic benefits are over, your tax refund could be smaller.
This makes it essential to find your current documents as well as any prior documents that still need to be accounted for.
Tax returns for the 2022 year must be sent electronically or at least postmarked by mail before the deadline. If they aren’t, you should prepare to pay up.
Steber said the failure to pay penalty is up to 25 percent, and it’s added to each month that a person fails to file.
“If you don’t pay and you don’t file that one, you’re going to owe as well,” he said. “And there’s also the underpayment penalty.”
He added that if you get approved for an extension, you have until October 15 to file.
But accountant Karen Thomas urges citizens not to wait until then. She explained that if you owe, you must still pay 90 percent of your taxes, before or on April 18.
Thomas said, “They won’t know that unless they get someone to file. It’s only an extension to file, not an extension to pay your taxes.”
The IRS said they’ve hired more workers to speed up turnaround time for filers.
Click here for more information from the IRS on filing taxes.
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