Tax Tuesday: Late Filing Tips

The deadline for filing your taxes is right around the corner, and if you’re a procrastinator, you may want to think twice about putting off filing that return. Mark Nichols, member of the Massachusetts Society of CPAs, said the penalties and interest for filing or paying late can pile up. “People who file late can incur one of three different penalties: There’s a late filing penalty, a late paying penalty, or interest,” Nichols said. “”Now, if you don’t owe any tax – you don’t have a balance on your return by the time you’re done – you don’t have any penalties.” If you’re not in a position to pay taxes, the IRS and Department of Revenue offer installment plans. You can set up a plan within two weeks of filing. This year’s filing deadline is April 18.