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The April 15 tax deadline for 2016 has come and gone, but that doesn't mean you shouldn't file your tax returns at all. Sharrard McGee & Co PA, tax preparation specialists with 40 years' experience serving the High Point, NC area, have some tips for taxpayers who may have missed the deadline.

According to these expert tax advisors, late filers can minimize their fees and penalty by:

  • Filing As Soon As Possible: If you owe Federal income taxes, the sooner you file your tax returns the lower, the penalties and interest amount will be. However, if you expect a refund, there won't be a penalty.
  • E-Filing: Filing online is the fastest, most accurate, and safest way to file your tax returns. Filing electronically helps you avoid lost paperwork and missed mail that can lead to even greater penalties and stress.
  • tax returnsPaying As Much As Possible: If you're putting off filing because you can't pay your taxes, it's much better to file and pay whatever you can rather than letting the penalties and late fees pile up. Installment plans that will let you pay off the balance over the rest of the year are available.
  • Taking Advantage Of Tax Credits: Even if you're not required to file a tax return, you could be eligible for a refund. Consider filing anyway to find out whether you can expect a refund based on available tax credits or other benefits.
  • Hiring A Professional: When you're worried about being late, you're more likely to make mistakes that could trigger an audit or even higher penalties down the road. Turn to a tax preparation professional who will ensure that your returns are correctly filed the first time.

Since 1976, Sharrard McGee & Co PA has been providing high-quality tax services to companies and individuals in a variety of financial situations. Visit their website to see their full list of services, or just call (336) 884-0410 to make an appointment.

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