Time is ticking for late tax filers - FOX34 Lubbock

Time is ticking for late tax filers

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LUBBOCK, Texas -

If you haven't filed your taxes time is ticking with only a few hours left to do so, before the penalties for filing late or not filling start. The IRS expects 17 million returns this week from all the late filers. Nearly a quarter of Americans wait until the last two weeks to prepare their taxes according to the IRS.

"Those are the people that think they are going to owe," said Connie Muñoz, business manager for Ameritax a tax preparation agency. "They end up not owing  or the people that have businesses, people that wait because they don't have all there income and expenses gathered." 

If you don't file a tax return or an extension request you could be penalized 5% of the unpaid balance per month up to 25%, penalties can be waved if you can show a reasonable cause for not paying or filing. 

"There are several penalties, a penalty for failure to file and than it comes with interest," said Muñoz. "Everybody all of us are going to start getting interest right after the day which is April 18th." 

If the request is received in time it pushes the deadline back another six months. 


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