The deadline to file your taxes is closing in
TOLEDO, Ohio (WNWO) - If you haven’t filed your taxes yet, now is definitely the time. Taxes have to be filed by April 17th at 11:59 p.m.
“Anytime I have to pay money to the government it’s a very stressful time,” said Rick Heyne, who was filing his taxes on April 16th.
While some file as soon as possible, Rick Heyne said last minute filing has become a tradition.
“I’m not going to do it any earlier than I have to,” said Heyne.
For those who are putting it off even longer, just make sure you’ve got all your ducks in a row.
“If you don’t file on time the Internal Revenue Service will assess penalties,” said Jenell Brossia, a tax associate at H&R Block.
Experts said it’s best to make sure you have something in on time.
“It’s better, even if you can’t afford to pay what you owe, it’s better to still file a return or extension,” said Brossia.
The IRS will then examine your situation.
“The IRS will work with you,” said Brossia. “You can do installment plans, ask for a short term extension to file if there’s a hardship, things like that.”
Brossia said one of the most common mistakes isn’t filing late, it’s not knowing your status.
“Your filing status doesn’t necessarily mean your marital status,” said Brossia. “For example, single parents can sometimes qualify for the more advantageous, ‘head of household’ status.”
Filing status impacts which credits and deductions you’re eligible for. To minimize the potential for an IRS audit, all of your information has to be accurate.
“Report all your income, don’t leave anything out. Just be upfront about everything you made, report all the documents you receive,” said Brossia.
If you do make a mistake, you won’t get the failure to file penalty, but it can slow down the entire process.
“There could be other penalties associated with it if it changes your refund or balance due,” said Brossia.
If you do make a mistake, you are able to file an amendment. Amendments can be filed up to three years after the due date.