Taxes

Tax Day is Almost Here – If You've Procrastinated, Here's What You Should Know

Boston is number three on a list of cities with the biggest tax procrastinators, according to the latest report by financial services company IPX1031

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The countdown is on! Tax deadline day is April 18 this year, next Tuesday.

But be calm, you still have the weekend and there are free resources online to help you get through it if you’re overwhelmed.

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And if you’re waiting until the last minute to file, apparently you’re not alone.

Boston is number three on a list of cities with the biggest tax procrastinators, according to the latest report by financial services company IPX1031.

That report found that Americans avoid doing their taxes because it’s too complicated and stressful, too time-consuming, or because people don’t believe they are getting a refund.

Whatever the reason you’ve waited, get it done!

John Warren of Medford Tax Experts is an enrolled agent.  That status is the highest credential the IRS awards.

“What you need to do is file on time,” said Warren.  "The penalty for filing a late tax return is 5% a month and it capped at 25%.  But a 25% penalty is really expensive...there is interest on penalties."

The government's willing to go into installment agreements and you can set up a payment agreement online at IRS.gov or on the Massachusetts Department of Revenue website.

If you need more time to prepare your federal tax return and you need to file an extension, you must file the extension request no later than the regular due date of your return, which again, is Tuesday. 

And remember, an extension of time to file does not grant you any extension of time to pay your taxes.  So estimate and pay any owed taxes by the regular deadline to avoid possible penalties.

You can get more information on filing a tax extension here.

And you can find the IPX1031 report on tax procrastinators here.

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