Columbia CPA gives advice for filing taxes on a time crunch

2 years 7 months 4 weeks ago Tuesday, April 14 2015 Apr 14, 2015 Tuesday, April 14, 2015 1:35:00 PM CDT April 14, 2015 in News
By: Christina Santiago, KOMU 8 Reporter

COLUMBIA - With April 15 Wednesday, Columbia-area accountants are scrambling to help clients get their taxes done.

 KOMU 8 News wanted to know how many Missourians filed their taxes after April 15. The Missouri Department of Revenue provided the numbers:
  • 2012: 361,004 filed late, 2,939,381 filed total
  • 2013: 311,142 filed late, 2,956,276 filed total
  • 2014: 2,169,824 filed so far

CPA Cheryl Edington said there are several reasons her clients might consider asking for an extension.

"If you don't have all your records or your charitable contributions or your business deductions, extending your tax return would ensure you take advantage of all the tax benefits that are out there," Edington said.

She said extensions can be filed online through April 15, but that does not extend your time to pay.

"The IRS will charge you interest and penalties if you don't send your payment by April 15. So if you end up filing a return later on, say in June or July, they will go back to April 15 and charge you what you owe," Edington said.

If a business return gets extended, K1 forms are not due until September 15. All other extended tax returns are due October 15. 

Edington said 1040EZ forms and W-2s are fairly simple to fill out online and on deadline.

The IRS website offers of a list of what later filers need to know.

 

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