Last minute rush to file taxes as deadline approaches

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Tuesday is the last day to file your federal and state income tax returns.

For those of you who haven’t filed their tax returns just yet caught a break this year.

April 15 is usually the deadline, but because it fell on a Sunday this year, and Monday is Patriots Day the deadline was pushed back. Ray Maagero of Liberty Tax in West Springfield said you’re going to want to have all your documents such as your W-2 forms and 1095 forms ready to go. "You do have one more day left so gather whatever documents you need to have prepared and in order so you can put them properly," Maagero said. Maagero said there is a penalty for not filing on time. That late filing penalty amounts to 5 percent of your unpaid tax every month.

The charge accrues for up to five months, capping the penalty at 25 percent of the unpaid amount.

"Penalty for late filing is zero if you don't owe its not going to be penalty," Maagero explained. If you want to file for a six-month extension, Maagero said it's important to note that it does not mean you get six months to pay; that estimated payment is due on the 17. "If you don't think you can get all info, file extension, [which is an] automatic six months to file. If you think you owe taxes make [your] best bet [is] how much you're going to owe to get that paid in tomorrow," Maagero added. Maagero told Western Mass News there’s also tax law changes coming our way.

"This year particularly because of all the tax law changes going into effect in 2018; some of the deductions and credit in 2017 won't be around so be careful so you can take advantage of what's available," Maagero noted. Those who haven't filed have until Tuesday at midnight.

The good news is, to ease the burden, many accounting firms are having extended hours.

Copyright 2018 Western Mass News (Meredith Corporation). All rights reserved.

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