WEST SPRINGFIELD, Mass. (WWLP) – Massachusetts residents only have one more day to file their taxes. If you’re one of those people, you still have options before you face penalties.
The first thing that tax experts say needs to happen immediately is that you file a return or an extension before midnight on April 19.
“If they’ve got all their paperwork and they owe money and that’s what makes them reluctant to file, they need to file the return at least because the penalties for not filing are more substantial than the penalties for late payment,” said Ray Maagero of Liberty Tax.
An extension, however, is not an extension to pay. If you are late on your payment, you face penalties that increase by 5% per month, capping off at 25% of your total tax.
For anyone who doesn’t have enough money to pay their taxes by the deadline, experts suggest you do an installment plan with the IRS.
Tax Attorney Paul Mancinone told 22News that if you are late, there is a way out of those penalties for some.
“You can, if you have a clean history for the prior three years, there is an administrative waiver abatement the IRS will allow for first-time offenders,” said Paul Mancinone, a Tax Attorney in Springfield
For those who did wait until the last minute, you’re not alone. According to the IRS, nearly 25% of all Americans wait until the last two weeks to prepare their tax returns.
Luckily, many tax service offices will be open until the very last minute, midnight April 19. You can also file until then online.