WACO, Texas (KXXV) — Local CPA Rebecca Tucker discusses why our neighbors file their taxes at the last minute and what happens if you miss the filing deadline.
- The deadline to file your tax returns, postmarked in the mail, is April 15th.
- If you need to file for an extension, the deadline is October 17th.
- For more information on filing your tax returns, click here.
BROADCAST TRANSCRIPT:
It’s the busiest time of the year for CPA’s and other tax professionals.
The worst of it ends on Tuesday, the last day to file.
With months to get the job done, it raises the question: why wait until the last minute?
“People are sometimes not getting their documents until late themselves from investment companies, uh, different various types of entities. So perhaps that, uh, the document gathering is the issue and um, for, me myself, I do extend to take that extra time to make sure I have everything I need to prepare and I thoroughly had time to review it,” Rebecca Tucker, Owner of Rebecca Tucker, CPA, said.
Local CPA Rebecca Tucker says that you'd better think twice if you don’t file.
“If you don't file at all and you are getting a refund, there's typically, um, no penalty for not filing," Rebecca said. "However, you're missing out on a refund, um, and if you have not calculated your numbers accurately and you don't have a refund, there are severe penalties on not filing, late filing penalties, late payment penalties, interest, etc."
“If you do are getting a refund and you haven't filed, um, you only have a short window of about three years to file the return to claim that refund, and if you do not, then the refund is gone,” she said.
And if you need extra time with your taxes—
“You may not have everything you need to file, um, and you think you may owe, you can pay with an extension, um, but even if you can't afford to pay it right now, just make sure you get that extension filed and the last filing date is October 15th for individuals,” Rebecca said.
