Don't panic about your taxes

Don't panic about your taxes
Congressman David Rouzer and U.S. Senator Thom Tillis will be in Wilmington on Wednesday to talk about the Tax Cuts and Jobs Act with local business owners in a policy roundtable discussion.

NORTH CAROLINA (WECT) - Tax Day is Tuesday, but if you haven't filed those W-2s and 1040s just yet, there are still a few options.

David Tepper, a Wilmington CPA, said every year lots of people wait until the last minute to file their returns.

"For people that are current and worried about their 2017 taxes, you should feel OK," he said. "There are a lot of people that haven't even filed prior years, which you discover when you do what I am doing. At least if you are current and trying, then you are better off then a lot of people."

Tepper said the best thing to do if you wait until Tuesday is to file for an extension with the IRS.

The extension gives you an extra 6 months to get your returns in, but it doesn't mean you have more time to pay.

"The same thing is eventually going to end up happening when you file in October," he said. "You will either owe money, be due a refund or be totally even. You are required to estimate what that would be when you do an extension. If you are in an owing position, then you have to make a payment on what you think you owe."

If you're having trouble with filing, Tepper recommends using a software or talking with an accountant. They can help file you taxes or ask for an extension.

Tepper added that the way accountants work with people during tax season has changed over the years and can be just easy as online services.

"I have a lot of clients that will upload it all remotely, and I never even see them," he said. "We just do it all remote. They upload it to a secure server I have. I prepare the return, then upload the returns. I upload the authorization to e-file, then they sign it and scan it back to me, then I file for them."

A lot of people might also be concerned or have questions about the new tax codes, but Tepper said not to worry for this tax season.

"There have definitely been more questions, and I think people are a little uncertain as to what the changes fully mean and how they are going to impact them," he said. "The changes are on a going forward basis, so it doesn't affect anyone's 2017 returns."

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