One week to go: Last-minute tax tips

(ABC 6 New) – Some of us filed our taxes months ago but if you haven’t, accountants say there is no need to worry.

Tuesday the 18th is the big day, Tax Day. At Oertli & Pleschourt, LLP, accountants are working up to 60 hours over the next week. Staff Tax Account Manager Ben Oertli said if you can’t file by then, it’s simple, ask for an extension to file.

“My recommendation would be to either submit the form yourself or go see an accountant and have them submit the extension. It takes just a few minutes. If you think you might owe, submit what you can.”

Why might you owe? It’s all about a progressive rate. The more you make, the higher your tax rate. Those payments are submitted to the government by your employer as an estimate of what you might owe at the end of the year.

“If you have too much in your paycheck and not paid it in throughout the year, you owe. If you get a refund, essentially you were giving the government too much money throughout the year and they have to pay it back to you.”

If you file for an extension, it does come with an interest rate. The longer you wait, the more interest, and the more you’ll have to pay in the end. If the government owes you money, the extension doesn’t matter.

A new study by WalletHub finds Minnesota has the 8th-highest tax burden in the United States. That is based off of the property, individual income, and sales and excise taxes.

Tax Day is Tuesday, April 18th.