Last minute tax tips for deadline day

Last minute tax tips for deadline day

PETAL, MS (WDAM) - If you haven't filed your 2014 tax returns, the deadline is Wednesday.

According to the IRS, there are still millions of tax returns that have not been filed, and those people who haven't filed could face penalties.

Cynthia Holland with Holland's Tax Services in Petal said the penalties can quickly add up after the deadline.

“It's a five percent penalty of whatever taxes you owe, and that can add up really fast on the returns,” Holland said.

Holland stresses contacting the IRS to make arrangements if you can't get your taxes filed by Wednesday.

“Ask for an extension, fill out the 4868, which is the extension to not have to pay your taxes until October 15,” Holland said.

If you don't have the money to pay, the IRS will work with you.

“You can always file a 9465 form which is asking them to let you set up an installment agreement with the IRS and pay it monthly," Holland said.

Holland said waiting until the last minute is always risky, so beware of scams, and remember that the IRS will never call or email you.

“They will always send a letter that has your personal information on it that you know about,” Holland said.

Post offices across Mississippi have extended their office hours for last minute filers.