As the deadline draws closer, the rush is on

MGN Online

POSTED: Monday, April 14, 2014 - 3:38pm

UPDATED: Tuesday, April 15, 2014 - 8:25am

The deadline to file tax returns is less than two days away. Over 100 million people have filed their returns already, but they are expecting another 35 million to file between now and the midnight deadline.

“I try to get my paper work done by March 31” said Michelle Cromer. Because her tax returns are usually complicated, she said her CPA calls her on April 1 to start the process.
“You just grin and bear it and get it done,” Cormer said.

Those who won’t meet the deadline can ask for an extension. CPAs remind everyone however, that the extension only applies to filing the return. It is not an extension to pay. If you owe taxes, that money needs to be paid by the deadline.

“If you don't get your tax return done, make sure you file an extension. Without an extension there are big penalties that can apply. There are smaller penalties and interest if you owe tax and you get an extension,” said Michael Bernstein, CPA.

According to the IRS, they will charge .5 percent of your unpaid taxes every month. They also add on a 3 percent interest rate that is compounded daily.

Bernstein said the do it yourself programs are suited towards those filing simple tax returns.
Cormer said she would not be able to do the process on her own.

“I’m not a CPA. Although I have a financial background, I certainly don't know anything about taxes, tax law or the changes. I would not even begin to do my own taxes,” Cormer said.

Filing online can also pose security risks, which is why Bernstein said sending them through regular mail might be the safest bet.

“Your name, your social security number, you address. If you have something on your return where you want it dropped back in your bank account. They have all of your bank information, your routing and account number, so it’s very dangerous,” said Bernstein.

For more information on how to file an extension and the forms needed, visit the IRS website.  

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