PEORIA, Ill. (WMBD) — The deadline to file taxes is just around the corner. More than 168 million individual tax returns are expected to be filed this year, according to the IRS.
The IRS is urging people to have all the information they need before they file a tax return.
“The natural tendency is that if you owe when the deadline rolls around, that I don’t have the money, let’s not file. That’s the worst possible thing you could do. The best thing you could do is just to still file, the reason is there’s a ton of penalty and interest that kicks in,” said William Sharpe, president of the Total Income Tax on Forrest Hill in Peoria.
Filing a complete and accurate tax return can avoid extensive processing and refund delays. It can also avoid the possibility of needing to file an amended tax return.
“There are penalties and interest involved in filing late, so especially if you owe money. The deadline frankly is for taxpayers who owe money,” said Sharpe.
Sharpe said there won’t be as many credits this year, and most families won’t get back a high refund from the Child Tax Credits this year, either.
The deadline to file taxes is April 18.
