Tax Tips

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COLUMBIA, SC (WOLO)– It’s almost tax time, and for all you procrastinators, here are some tips.

Know what to look for when choosing a tax preparer.

Experts say take the extra step of checking out the person or agency.

You can do this by running their name, business to see if they are listed with the Better Business Bureau date base.
Consumers advocates also report that you should ask preparers for a cost of fees list up front.

If you’re not ready to file by April 18 (or April 19 for taxpayers in Maine or Massachusetts), you can fill out Form 4868 at IRS.gov, which provides an automatic six-month extension. But you still need to pay as much of what you think you owe in taxes, to reduce penalties and interest charges.

If you file a return but don’t pay all the tax that’s due, you will generally have to pay a late payment penalty. That’s one-half of one percent for each month, or part of a month, up to a maximum of 25 percent of the unpaid amount, according to the IRS.