The day most people dread is finally here, Tax Day!
Monday is the deadline to file your tax return. You have to do it by midnight, or file an extension.
According to the IRS, filing an extension is a popular option among many. They say last tax season, there were 14.7 million tax extension forms filed.
A tax analyst we spoke with says they have seen a lot more people owe this year than in years past.
If you owe money, but filed for an extension, the experts say that does not give you an extension to pay.
They say your deadline to pay is still at midnight on April 15.
But there are a lot of people who file last minute.
“I waited for the last minute just because I have a newborn and it seems like everything has been stacking up on me but at least I got it done,” says Alejandro Fajardo.
Fajardo is used to doing his own taxes but with a new baby, he decided to get help filing this year at H&R Block.
Jennifer Hernandez, a tax analyst and office manager for H&R Block, says it’s been a busy day with last minute filers.
She says if you do not file, you can be penalized, even if you are entitled to a refund.
“If you don’t file today there is a penalty, it’s five percent per month,” says Hernandez.
She says one change has been with the tax brackets.
“People who are normally in the 25 percent tax bracket are now in a 22, 15 is now 12 percent,” Hernandez explained.
She says it’s all due to the Tax Reform. Although three percent may not sound like much, Hernandez says it’s what has most people in shock when their refunds are less than expected.
“It’s really the same amount that you’ll receive you’re just getting it in your paycheck rather than when filing your taxes,” says Hernandez.
The tax analyst says for those who are undocumented, they too can file and receive some kind of refund by filing an I-10 form.
After filing taxes, H&R Block says it should take about eight to 21 days to receive your refund.
If you file an extension, Hernandez says that will give you until October 15.