You only have a week left to file and pay your 2017 income taxes, but even if you waited until the last minute, there’s no need to fret.
Karen DiPalma, a senior tax analyst with H&R Block, spoke with The Press of Atlantic City and shared what everyone should know as the deadline approaches.
• To avoid paying a penalty that can be up to 25 percent of what you owe, file and pay your federal and state income taxes by April 17.
• You can apply for an extension to file your taxes until Oct. 15, but you still need to pay 90 percent of the bill with your application.
• If you’re short on cash, you can pay with a credit card. Or, instead of paying a lump sum, you can request a short-term extension or even an installment agreement that would stretch out the payments over 72 months.
• Be sure to choose the correct filing status and itemize deductible expenses, such as mortgage interest payments and property taxes, or you could end up paying more than you should.
• Avoid getting an audit letter from the IRS by making sure you report all your income and have documentation to back up your credits and expenses, like a log book for mileage.
• If you catch a mistake on your return after you’ve submitted it, it’s possible to amend it for up to three years after the deadline.
H&R Block is open from 8 a.m. to 9 p.m. seven days a week. They have 19 locations in South Jersey, and a checklist of documents and information required to file is available at hrblock.com.