Tax Season Comes to a Close
COLUMBIA- Taxpayers are filing their last minute taxes Friday and will have time to file until Monday, April 18. Tax preparation companies like McMillen Tax Service are busy this weekend as taxpayers who put off paying their taxes are making sure they file their taxes on time.
"Those who wait to pay their taxes are the ones who have the problems," said Leslie McMillen, owner of McMillen Tax Service. "A lot of people wait to pay taxes because they don't want to pay tax, and they wait until the last minute to do it."
Alot of people will go to file their taxes and wont have all the necessary paperwork to file. In that case, tax preparation companies will have to file an extension for these people. McMillen says that most people who do file their taxes late are unprepared.
Taxes are due on April 18, if tax payers fail to file their taxes they will face penalties.
"Anytime a person files late, doesn't prepare an extension, owes tax and doesn't pay them on time, then they will get penalized. If they have a refund check, theirs no penalties. If they owe an additional tax with return, then they are going to be penalized," said McMillen. "It's 5% for not filing in time, its 5% for not paying on time, per month, for the next five months. It could get as high as 50%."