Good news and bad for tax filing procrastinators

Andrew Cummings
April 16, 2018

Many are busy this weekend helping clients file their taxes by the April 17th deadline.

The deadline to complete those taxes is right around the corner, as you have to have them submitted by April 17, but before then Michelle Tabler with the Better Business Bureau joined KTVA's Daybreak to discuss some last minute scams, and how to avoid them. They say they will not initially contact you through email, text, social media or the phone.

You can do that by filling out the IRS 4868 form.

With tax day quickly approaching, it has been a hectic time for local tax preparers.

"You still need to get an extension because if you don't and don't pay, the penalty is around 5 percent a month versus if you file the extension and pay later it is a half percent per month so that is a big difference", said Smith. Freelancers or other gig-economy workers still waiting on a 1099 could be in the same boat. If you owe money to the taxman, you still have to make a well-educated estimate, fill out a form requesting an extension, and send the estimated amount you owe. While 36% of respondents overall selected this answer, more women planned to pay off debt (40%) than men (33%).

I'd be curious to see if more taxpayers applied for an extension or had to use a firm to do their taxes because they weren't able to figure out their gains and losses in their cryptocurrency investments. Paying down debt isn't exactly a fun use of a tax refund like putting money toward a vacation (how 10% of respondents plan to use the money) or splurging on a luxury purchase (what 6% plan to do), but it is a more responsible use of funds.

"The IRS will work with you", he said.

Taxes are due on Tuesday.

If you are unsure how much you owe in taxes, here's some math to figure out what to pay now.

Tax refunds from four years ago are gone for good after Tuesday.

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