By MATT PIKE
St. Joseph Post
There are only a few days left to get your taxes filed so that you can get this year's tax refund.
The deadline to file your 2021 taxes is on Monday, thanks to the Emancipation Day holiday in Washington DC today.
IRS Spokesman Michael Devine says those that may not be able to get their taxes filed by midnight on Monday, should apply for an extension.
"And it gives you an extra six months to actually file your tax return, that's not an extension of time to pay if you still owe, it's just an extension of time to file," Devine tells KFEQ/St. Joseph Post. "And what this does is it prevents you from being charged a penalty for failing to file if you do owe more money."
Devine says if you do owe money and haven't paid by midnight on Monday you will see penalties and interest start to accrue.
But Devine adds the failure to file penalty is ten times higher than the failure to pay penalty, so you are encouraged to get that extension if you need it.
Devine says that as long as you file those taxes, whether by midnight Monday or through a six-month extension, you will get your tax refund.
"So, if you're going to get a refund there are no penalties, there's no interest but there's also no refund, so you have to file that tax return," Devine explains. "And it's very important to make sure that you file it as accurately as you can for several reasons."
Devine says as long as you file that refund accurately electronically you should see your return in 21 days, but if you do it by paper it might take a little longer.
Monday will also be the last chance for you to file those tax refunds from 2018 if you haven't already.
Devine says nearly 15,000 Kansas residents have left $14 million in refunds, while nearly 34,000 Missourians have left $31 million dollars' worth of refunds on the table from 2018.
"Those numbers are based on withholding information, the money was sent into the IRS but no one ever filed a tax return to claim that refund, and that's the only way to get a refund is file a tax return," Devine explains. "So, if you owed money in 2018, the penalties and interest on that balance due have been growing every month since then, they're never going to go away."
Devine says anyone who didn't file a 2018 refund will lose that money if they don't file a 2018 refund by midnight on Monday.