Buffalo, NY (WBEN) As you prepare your pierogi this Dyngus Day, you bet your bottom kielbasa the IRS is preparing for the April 15th deadline. And if you've been procrastinating to this point. you have two weeks left to file.
One of the reasons why people are procrastinating in particular this year, says Dave Barrett of Freed Maxick, and Battaglia is the fiscal cliff. "Based on my first hand observations, it's played a big role," notes Barrett. "Things seem to be a little later in terms of receipt of client information, and the government had a little delay in processing the returns." He says if you haven't filed yet any changes you made as a result of the fiscal cliff will impact your 2013 tax liability.
If you're not even close to finishing your taxes, Barrett suggests filing for an extension. "It's a one page form, and you make your best estimate of what your tax liability is. If you owe anything, you should try to pay it on April 15th," notes Barrett. He says the extension is only a six month period for filing, not paying. "The failure to file penalty accures at five percent a month on any tax you owe," warns Barrett. He says even if you can't pay, file the return or extension by April 15th.
On that deadline day, Barrett anticipates the lights will be on late in his office helping his clients file the taxes.