ST. LOUIS — April 15 means it's tax day. If you've waited until the last possible day to file, here is some last-minute advice from the experts about what you should know.
A lot of people have put off filing because they will owe, according to Gary Hickman of Heritage Tax and Financial Services.
Even if you owe, you still need to file or else you could end up owing more money in the long run.
“If you think you owe, don’t get discouraged,” Hickman said. “File that tax return, so you can avoid that 25% penalty. There’s a failure-to-file penalty, plus interest that you must pay on your tax return.”
Even if you don't have the money right now, file anyway so you can avoid paying extra.
If you take your taxes to a professional, make sure you have all of your documents, including:
- Interest statements
- Charity contributions
For folks filing last minute, Hickman plans on filing extensions for those people, so they can avoid penalties. It’s an extension to file, not an extension to pay.
If you plan on doing them at home, know it could take you longer to complete than in previous years because there’s more information to fill out. Many filers have noted receiving lower refunds this year as a result of the changes. However, there are other benefits with the new tax laws, according to one expert.
“Certain income levels do see some benefits,” Hickman said. “The increase in the child tax credit from $1,000 to $2,000. The earned income credit is still intact. The people in the lower tax bracket are seeing more positive than negative, except the fact that they got a lot more refund in their checks in the previous years."