The deadline to file your 2017 income tax return is supposed to be April 15th but this year you have two extra days, as Tax Day lands on April 17th.
The deadline is usually April 15th, but due to a combination of things, like the 15th falling on a Sunday and the nation’s capital celebrating Emancipation Day, you now have until April 17th at midnight, unless you file for an extension.
Ray Maagero, from Liberty Tax in West Springfield told 22News there’s a penalty for not filing on time, “So they are 5-percent per month if you don’t file an extension or a timely filed return.”
Or you can pay a penalty of up to 25-percent.
But if you file your tax return and pay your penalty late, the fee is only half a percent each month, per Liberty Tax in West Springfield.
The IRS expects 70% of tax payers to receive a refund this year. Last year, 112 million refunds were issued, with an average refund check of nearly $2,900.
Maagero added not to forget about the new tax system beginning next year, “This is the last year of the tax laws that were in effect for ’17,’ so a lot the deductions and credits that were available to you, are going to be going away.”
So, it’s a great year to have a professional look at your taxes. The IRS expects about 90% of returns will be filed electronically.
Low income earners can get help filing their tax returns for free.
Per the IRS, there are more than 90,000 volunteers around the country, who can help you correctly complete your return.