What last minute filers need to know about today’s tax deadline

OHIO — Today is April 15 and people have until midnight to file their income taxes.

News Center 7 Consumer Reporter Xavier Hershovitz broke what you need to know if you still need to file your taxes this morning on News Center 7′s Daybreak.

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He spoke with Rob Burnette, the CEO of Outlook Financial Center in Troy, who said that last-minute filers are not a tax preparer’s favorite.

Hershovitz says people can file an extension, but it only allows for more time for the tax return to be filed.

Even with an extension, anything you may owe is still due today.

Burnette says if they are not paid, you could face penalties and interest.

“That is the punishment,” he said. “If you’ve got a refund coming, you just can’t get your stuff together, you’ll still get your refund. You won’t be penalized because you don’t owe.”

Burnette always suggests that people file electronically, especially if they are trying to get it done by tonight’s midnight deadline.

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What do you need to know if you are getting a refund?

Burnette told Hershovitz that people should have a plan for their refund. This includes catching up on some bills and adding some to their savings. It could include having some fun.

He adds it is also a good time for people to look at their deductions.

“What you have essentially done is given the federal government an interest-free loan for a year, and then you have to file and beg for it back,” he explained. “I don’t like that.”

Burnette said that he thinks the way to do it is to have more money in the paycheck and little to no refund.

The deadline for Americans to file their income taxes is midnight.

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