The end of tax season can be a troubling time for some.
Tax Expert Kimberly Evans said, “Well there’s a lot of people who are facing that deadline stress, but really only about half of them need to stress about it.”
Not only do you need to have your proper paperwork, but you’ll also need to designate time at a tax service or using online tax programs and services.
“One thing that is not really well know that the deadline is for if you owe the IRS, so if you do not owe the IRS and are getting a refund, you actually have three years to claim that refund and Tuesday’s deadline doesn’t affect you,” said Evans.
Most jobs and careers won’t require you to pay taxes at the end of the season, but for positions such as an independent contractor, you may be expected to pay back the IRS.
If you might think or know that you owe the IRS money, be aware there are penalties for missing the deadline. “There’s two different kind of penalties.
One penalty is for not filing by the due date, and another penalty for not paying by the due date,” said Evans.
Extensions are available in the event meeting the deadline is not an option, but it has its intricacies. “Best thing is to do the extension.
The extension gives you time to file your tax returns so you don’t get the penalty for not filing, but, it doesn’t give you an extension for not paying,” said Evans.
The deadline for tax season is normally on the fifteenth of April, but due to a Capitol Hill holiday, three days have been added to the deadline.