Last-minute taxes: What to do if you haven’t filed yet

IDAHO FALLS, Idaho (KIFI) - Tuesday, April 15, marks the final day for Americans to file their taxes without an extension. If you've pushed taxes off to the last minute and feel like you're scrambling, you still have time, but not much.

But, with many resources available, Idahoans who have put off filing should still be able to finalize their taxes before the cut-off.

Derek Barnes, a tax professional with Liberty Tax, says that if you can't make the April 15th deadline, you should at least figure out if you're going to owe money or get money back.

"If you do owe money, however, there are fees and penalties that will begin after the 15th of April," said Barnes. "So, if you do believe you're going to owe some money, I recommend making an estimated tax payment. As long as you paid as much taxes as you owed last year, you will not be subject to additional penalties for underestimated tax penalties."

If you do owe money, tax experts say you can file an extension by tax day and make an estimated tax payment to avoid penalties.

Barnes says while it is possible to file last minute, the best way to prepare ahead of time is to meet with a tax professional at the end of the year.

"Filing close to the deadline just doesn't give you much time to prepare for that tax payment," said Barnes. "Come in January or February, or even do an end of the year... That way you can estimate what your income is going to be. It's important to know where you're at ahead of the time that you have to make that payment."

If you're worried about making that payment, Barnes says there are relief plans for both federal and state taxes.

"Both taxing agencies have relief and options for us as taxpayers because they want us to pay our tax," said Barnes. "They understand that life gets crazy sometimes and our finances get really difficult. so we can actually do an income based payment plan as well... So there's a lot of relief out there. The worst thing we can do is to ignore everything and not try to figure things out."

Tax experts say that if you have a simple tax return, you're probably ok to use a free online service like TurboTax. However, if you have a more complicated tax situation, for example, if you are self-employed or have kids, it might be a good option to meet with a tax professional to get the best return. 

Barnes tells Local News 8 that many accountants and tax professionals will make extra time for people who haven't filed yet, especially on tax day.