Tips for last minute taxes

Myrtle Beach, SC - By Greg Argos - bio | email

MYRTLE BEACH, SC  (WMBF) - If you haven't filed your taxes, the clock is ticking. There are less than 72 hours until the deadline.

Perhaps the biggest tip is to file them, even if you can't pay them in full. Experts say if you don't, you could end up paying big time.

"Everyone who's filing now has very complicated returns, and it's taking time to gather their information, or they owe money, and no one likes to pay their bills," said Samantha Slapnik, the general manager at Liberty Tax Service in North Myrtle Beach.

"The big thing is if you haven't filed, you should file," she stated.

Slapnik says filing is a good thing because the penalties for not filing by April 15 can be pretty severe.

"Not only are there penalties and interest on the money that you don't pay, but there are penalties and interest based on not filing at all. So there is a failure to file and a failure to pay," she explained.

Curtis Cooper is one of those filing his taxes last minute.

"I procrastinated for the simple fact that I knew I was going to be paying some taxes and money. So I didn't want to have to give it away until I had to," he said.

However, Cooper knew giving up some of that money was better than the alternative. According to the IRS website, once the tax is assessed, the IRS will start the collection process. That means the government can file a lien against your property or even deduct what you owe from your income.

If you can't pay your taxes on time, there are some options.  You can file form 4868, which gives you an extension to file your taxes.

There are also payment plans that can be set up to pay off what you owe over time.

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