End of tax season quickly approaching, what to do if you have yet to file your taxes
DELMARVA – Tax season is slowly coming to a close which means the deadline is quickly approaching. That’s why a local accountant is sharing advice for those who still have yet to file their taxes.
As a reminder, the deadline is on Monday, April 18th, and according to Mark Welsh a local accountant and partner with UHY LLP, at this point in the tax game, you have two options, file your taxes immediately, or file for an extension.
Welsh says a common misconception is if you file for an extension, your payments to the IRS will be extended as well, but that’s not the case. He says it’s not an extension of payment just the time to file your return. “If you haven’t prepared your return but you think you owe money, you probably should sit down and figure out what you may owe and when you file an extension, put a check in with that extension,” says Welsh. He adds, “If you think you have a refund coming, I would suggest you get it in as soon as possible because again this is the busiest period and it will get busier and busier as it gets closer.”
Welsh also tells 47 ABC, that if someone were to come into the office asking to do their taxes they would be asked to file an extension. He says the IRS is being overloaded with tax returns and extensions so if you haven’t filed your tax return yet and you’re expecting money it’s going to take a few more weeks than usual. “Millions of people will wait until Monday the 18th to actually file their return.” Welsh adds, “If you owe money, the clock starts ticking on Tuesday the 19th, if you owe money, you’ll be hit with interest and penalties starting the 19th.”
If you live in Maryland, you have until July 15th to file your Maryland taxes, but federal taxes are again due on Monday, April 18th. He also says if you want to file an extension, head to the IRS website, grab a 48-68, fill it out, and put it in the mail and it’s an automatic extension.
You can visit the IRS website for any more information.