The deadline to file federal taxes is at midnight Wednesday.
Several tax services are busy helping their customers get their returns in on time, and H&R Block offered a few tips on how to handle the frenzy that is Tax Day. Gale Cothran, franchise owner, says filers need to make sure they have all of their paperwork, but even if they have to file an extension, filers who owe still must pay by the April 15 deadline.
“An extension gives you six months, and an extension is automatic up until October 15 to get your paperwork together,” she said. “It does not give you extra time on paying your taxes. You have to figure out what you owe and make that payment. They’ll (IRS) charge you penalties and interest for underpaying, but if you owe less, they’ll refund you the money.”
She made it clear that any taxes owed is due April 15, period. However, the IRS will provide a 120-day extension for those who set up a payment plan, and they won’t charge penalties but the filer will still have to pay interest.
In years past, the Minden Post Office has not stayed open on Tax Day, but the one in Greenwood will be open until midnight. Cothran says H&R Block will be open April 15 “until the last person walks out the door.”
In order for tax returns to be considered on time, income tax packages must be postmarked April 15. At 12:01 a.m., April 16, it will be considered late.
Cothran says the best advice is to get their taxes prepared on time.
“Even if you’re short some things, you may be able to go back and amend it later on and make the changes,” she said. “People who file extensions can sometimes forget to come back and file their taxes.”
For businesses that are partnerships or file a Schedule C form, the deadline is still April 15, Cothran says. If a business is a corporation, their deadline was March 15.
Other tips are as follows:
Make sure to have all W2s, 1099 forms, any income information, such as interest paid by stocks and bonds.
Make sure to have all medical expenses and home mortgage interest.
The United States Post Office offers the following tips when mailing income tax returns:
Be sure to use sufficient postage. Double-check the envelope. Does it weigh more than one ounce? Tax returns without enough postage will be returned.
Write clearly. Print labels on your computer and neatly write both the destination and return addresses.
Avoid the rush at the post office. Mail your return in a collection box that has a pick-up time before the deadline.
The deadline to file state taxes is May 15.