COLORADO SPRINGS – Have you filed your taxes yet? If not, you’ve only got four more days till the deadline.
April 15th is right around the corner and experts say if you don’t take action soon on filing, getting an extension, or paying what you think you owe by Monday it’s going to cost you.
“Last two weeks have been crazy,” said George Sleeman, co-owner of Westside Tax Service. It’s been non-stop work for him and other tax prep businesses across Colorado Springs.
“A lot of people coming in last minute…oh my god, April’s already here.”
Sleeman said it seems as though more people are filing later than usual this tax season.
“We’re doing quite a few extensions.”
If you haven’t filed your taxes by now an extension is exactly what you need.
“This is the 11th hour. This is past the 11th hour. This is 11:30. Get the extension in.”
You can do this through either a tax professional or by filling out the form on the IRS website. As long as it’s postmarked by April 15th there won’t be any consequences and you’ll get a six-month extension.
If you don’t do this Sleeman said, “The failure to file penalty is huge. It can be up to 25 percent of the tax that’s owed.”
Something else to be aware of is that “an extension is an extension to file. It is not an extension to pay. If you think you’re going to owe tax pay at least 90 percent of the tax you had paid last year.”
Sleeman said failure to do so by April 15th will mean penalties and about a six percent interest you’ll have to pay.