BUFFALO, N.Y. — The day has nearly come upon us, Tax Day. Monday marks the last day to file your 2023 tax return.
Tax preparer Chris Fabian with EG Tax told 2 On Your Side, "Refunds got a lot smaller or people ended up owing this year."
He added: "The government adjusted your federal withholding to give people more money in their paychecks, without really feeling a pinch in their wallets."
The change happened during the COVID pandemic, when inflation was starting to hit us.
"The problem is electronic pay stubs. Nobody checks their pay stubs anymore. To adjust your withholdings, you're probably going to have to tell them to take out $10 extra, $20 extra," Fabian says.
If you don't file your taxes the government can keep it. Fabian says he's seen some filings over the course of seven years, totaling up to $20,000.
However, get this: "If you owe them money, they will keep that year open forever and keep adding interest and penalties until it's paid off."
You can file for extensions and — if approved — it would give you until Oct. 15 to file. Fabian says it only delays paperwork. Plus, if you think you already owe the IRS, payments must be complete while filing for that extension.
"Or they may deem that extension null and void. If you file in June, that $1,000 now has a 15% penalty," Fabian told 2 On Your Side on Saturday, as the tax deadline quickly approaches for people nationwide.
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