Buffalo, NY (WBEN) Tax day has arrived.
The extended deadline for filing your income taxes has arrived. Tax preparers say it's important to make a payment if you owe, saying filing an extension is not enough.
"If you owe money, you need to get the money in postmarked by Monday," says Chris Fabian of EG Tax. "Filing the extension merely delays the paperwork." Fabian says if you file the extension, you must estimate how much you owe and send that check with the extension. If you don't you could pay even more. "If you don't, they can hit you with a five percent penalty per month, up to 25 percent," warns Fabian.
Monday also marks a deadline for amending 2017 returns. "If you have a return that has to be filed or amended to receive that money, you have to file it then. After that, you lose it, the IRS keeps it," advises Fabian.
Fabian says his offices have been buzzing all week, with as many as 200 returns filed Thursday. "There are still a lot of people who have to file a return," says Fabian.
What are their big questions? "My unemployment, what happens with that? Is it tax free on the federal or state level. I didn't get my stimulus, how do I put that on my return?" says Fabian.
Fabian says if you need to file an extension, you can go online at www.irs.gov.
