Financial Experts Share Tax Advice On Final Day To File

Monday is the last day for you to file your taxes or request an extension from the IRS. It was a busy day at Hood and Associates and they said there are some changes on federal tax returns this year.

“Just seeing some minor changes in people’s withholdings and things like that. Just employers trying to get employees a little bit more money throughout the year, we’ve seen a little bit of an impact on people’s tax returns from that," said Bryce Hood.

Related Story: Deadline To File Taxes, Ask For Extension Is Today

Hood said Good Friday pushed back the tax filing deadline, which means if you need an extension, it must be done before the end of Monday. “Get that extension in. Worst case scenario you owe taxes, you pay a little bit of interest and stuff on that tax due, but at least your tax return is going to get to the IRS in a timely fashion," said Hood.

He recommends filing for the extension online because it is much faster. An extension will give you until October 15th. “It does not extend your time to pay. So if you owe tax today and you don’t file a tax return and pay that tax today, there is going to be some interest and penalties that accrue," said Hood.

He said you don't need a CPA to file an extension, but he does recommend getting help with returns. “To help you understand things you don’t know, look for things you don’t know to look for, things of that nature. When we’re talking from that standpoint, the tax professional is worth its weight in gold if you will. From an extension standpoint, just get those suckers in," said Hood.

You can file your taxes or file for an extension by mail, you’ll just need to make sure it is postmarked by April 18th.