SPOKANE, Wash. — Today marks Tax Day, and a tax expert from H&R Block explained common filing mistakes to avoid before the deadline.
Firstly, ensure you have all necessary documents, such as W2’s and 1099’s, which employers should have provided by January 31st, to ensure accurate filing.
For individuals with lower incomes, while you may not have a filing requirement based on your income, you could still be eligible for certain credits, such as the Earned Income or Child Tax Credits. You can consult local tax experts or visit IRS.GOV to determine your eligibility.
If you’re unable to complete your return by the deadline, consider filing for an extension.
According to Manny Dominguez from H&R Block, this can alleviate stress, providing a six-month extension until October 15th to gather necessary documents.
Dominguez advises that just as tax returns are due, so are owed payments. Even if your return isn’t complete, if you anticipate owing money and have a rough estimate, it’s wise to make the payment. Payment plans are available for those unable to pay immediately, though late payment penalties and interest may apply.
It’s crucial to note that the late filing penalty is significantly higher than the late payment fee.
Finally, residents and business owners in Spokane County and Whitman County have an automatically extended deadline. For more information on the extension, click here.
