Tax experts: file return even if you can’t pay
Penalties for not paying money owed on taxes larger if return isn't filed
LA CROSSE, Wis. (WKBT) — Tax day is less than two weeks away.
Tax preparers in our area say most of the questions they’ve been handling this year are related to the Affordable Care Act and the penalties due if taxpayers don’t have health insurance. If you didn’t have insurance last year, you face a penalty of one percent of your adjusted income.
Experts say they also hear from people who are worried they won’t be able to pay what they owe on their taxes. Those people are urged to file their returns anyway.
“Even though you feel like you can’t pay, you need to file,” says Shelly Lamberth of H&R Block. “Not filing and owing, the penalty is 10 times greater on what the unpaid balance due is than if you were to file on time.”
The last day to file your taxes is Wednesday, April 15th.