TAX FACTS: Tax bill to go up for those missing midnight deadline

Local News

JACKSON, Miss. (WJTV)– You have until midnight to file your taxes.
The normal tax deadline is April 15 but coronavirus led the federal government to push it back three months.

People in Jackson took care of business at the post office. No mad rush to mail their taxes that was done months ago when they received their W-2s.

“I actually already spent it,” said Corliss Epps who filed his taxes early. “I spent it on bills and things getting my car repaired and things of that nature.”

If you haven’t filed, one way you can get an extension is online at irs.gov.

“There’s a free file site there on the web site that will allow you to file your extension online and pay online if you owe money,” said Tony Huffman of Huffman & Company.

If you cannot pay the full balance, ask for an installment plan.

“If you owe with the tax return and you still cannot pay, you can request an installment payment plan with the Internal Revenue Service,” said Huffman. “The Mississippi Department of Revenue will also assist you with a payment plan so you have those options.”

If you don’t file for an extension or your return is late, expect your tax bill to go up.

“If you failed to file an extension, your return was late, the IRS will assess you a five percent penalty on the balance owed,” said Huffman. “If you filed an extension and you don’t pay what you owed. The IRS will charge you interest which is running somewhere between five and six percent and they’ll charge you a half a percent per month of a penalty.”

The IRS says most refunds are processed in less than 21 days, but remember if you filed by paper there are some delays.

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