GRAND RAPIDS, Mich. -- If you have not done so already, a professor at Grand Valley State University is recommending that you file a return on this tax day - even if you don't have all of your documents prepared.
Dr. Chris Harper is senior manager at Hungerford Nichols business advisors. He was a guest on West Michigan's Morning News, and reminded taxpayers there is a penalty for failing to file on time.
"The failure-to-file penalty is way worse than the failure to pay. So, even if, 'Holy cow; I owe money,' you're better off maybe filing an extension. And then, attacking that balance with a vengeance. So, get something in the mail or (file) electronic today," he said.
People impacted by last August's severe storms, tornadoes and flooding have been given an extension to June 17th by the I-R-S to file tax returns. In our area, that covers Kent and Ionia counties. To get a filing extension, you must let the State of Michigan Department of Treasury know how you were impacted by the storms.
Harper said tax payments can also be made in installments.
"If you think you can tackle the balance in about 180 days or less, you're probably better off ... attacking it with a vengeance. But if you're going to need longer than that 120 or 180 days, that an installment agreement can make a lot of sense," he said.
Dr. Harper says the form to fill out for getting an extension on your taxes is numbered 4868.
"A lot of times, you're just filling that out and mailing that in with the payment. If you don't owe any tax, then an electronic extension is very straightforward. But the key is to, at least, have something postmarked today," he said.
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