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Tax filing deadlines are quickly approaching

Posted at 6:30 PM, Jul 13, 2020
and last updated 2020-07-13 19:31:13-04

The time left to file your taxes is running out.

An extension given by the IRS ends this Wednesday.

If you don't file, you could lose out on refund money or be hit with a fine.

When it comes to filing taxes, it can be a little complicated, but many people rely on the refund money to get by.

Tax day was originally set for April 15th but because of the COVID-19 pandemic, the IRS pushed the deadline to July 15th.

This gave people who rely on refund checks extra time to get the proper paperwork together.

This year, by the original April deadline, the IRS had processed nearly 19% fewer returns than the same time last year.

"There's always going to be the rush of last minute extensions, filings, people kind of waiting until the last minute to file." says Shelly Spinks, Tax Partner at Pattillo, Brown and Hill L.L.P.

What can you do?

Tax experts say filing online is fast and convenient, but hitting a wrong button or missing a form could leave you owing extra money.

Filing with a tax expert may be your best option.

"Having a tax professional file your tax return, you're getting a second set of eyes, someone to review it somebody to prepare the return, someone to review the return." says Spinks.

"It's not too late, don't fret, you can still get that extension in, and right after that you want to make sure you get it filed as quickly as possible." says Mike Lucas, Tax Partner at Pattillo, Brown and Hill L.L.P.

If you need to request an extension, IRS officials say you must submit that paperwork on Wednesday as well.

Those who are approved will have a new deadline of October 15th.

The deadline to pay fines to the IRS is also Wednesday.

The IRS is offering payment plans for those who need more help.