Tax day is one week away - KAIT Jonesboro, AR - Region 8 News, weather, sports

Tax day is one week away

By Brandi Hodges - bio | email

JONESBORO, AR (KAIT) - We are one week away from the deadline to file income taxes.  It's a time of year many dread.

"Scary, busy, overwhelming," said H&R Block tax accountant Jennifer Primm.

Primm said a lot of people are scrambling to get everything together.

"Any interest income, dividends, stock information they send you statements on that make sure you bring that charitable donations medical expenses," said Primm.

Experts say waiting until the last minute is a bad idea!

"Especially when you have them come in and they think they're going to get a refund and they end up owing then they're panicking of, ‘How am I going to pay for that?'," said Primm.

"There are several types of agreements you can enter into with the Internal Revenue Service," said tax consultant for Liberty Tax Service Rhonda Prine

If approved, you can do an installment plan for a fee of $105 and agree to mail the IRS a check each month.  For $52 the IRS can direct debit your checking account every month until the debt is paid.

"If they think there's even the possibility of owing they need to meet with a tax advisor," said Primm.

You can file a short term extension for 120 days.  There is a penalty of .05% for every month the balance goes unpaid and interest of the federal rate plus 3%. 

You can also file an extension on your taxes!

"The main reason you file an extension is if you cannot file your tax return by April 15th,"said Primm.

"This time of year, if you've waited this late and you're not ready, that may be what we need to do," said Prine.

Even though there is a week left don't wait too late.

"A lot of people come in and it may take two or three visits to finish everything up before they get everything," said Primm.

If you are getting money back you have up to three years to file a return to get your return.

The requirements to file taxes are an income of $9,350 for a single filer, $18,700 for a married couple filing a joint claim, $3,650 for a married couple filing separately,

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