COLUMBIA, S.C. — It’s the day that comes every year, that no one seems to enjoy. Monday, April 15th, is the last day to file your federal tax return.
“What about your mileage, what did you spend on the road, what about expenses, supplies, things that you had to get and they’re like no ones ever asked me this before I didn’t realize can use that and I tell them if you spent money on it it counts for your business or it counts for whatever you’re using it for,” Miranda Caraway said.
Caraway is an agent at Carroll's National Tax Associates in Columbia, she says if you haven’t filed your taxes you can file for an extension.
“The extension just gets rid of the failure to file penalty. If anyone is going to owe money, technically that money is due April 15th, today. They’ll still be interest on that until they come in and file their tax return but it will at least get rid of the penalty of failing to file,” she said.
While some are cutting it close on the deadline, others filed with plenty of time to spare.
"I filed them two months ago, just to get it done as fast as I can, I don’t want to push it to the deadline,” Nima Karimitari said.
According to the IRS, the extension is six months, until October 15th. Taxpayers can file for a free extension through an IRS partner on the agency’s website.
“You don’t have to file a tax return if you’re getting a refund and because of that there is no failure to file a penalty if you are getting a refund. If you’re not getting a refund or if you think you’re not getting a refund its important that you file an extension or have your taxes filed by the end of the day,” Jeff Carroll, senior partner at Carroll's National Taxes, said.
Failure to file for an extension could lead to penalties.
“The failure to file penalty if you don’t file an extension is 5% of what you owe for each month that you don’t pay it that’s the failure to file penalty. In addition, the IRS charges interest which is a market rate set by congress for the current interest rate as well,” Carroll said.