Tax filers busy ahead of deadline, encourage people to file for extension if running late

COLORADO SPRINGS, Colo., (KRDO) - Ahead of the April 18 tax deadline, tax filers tell KRDO they're 'horrifyingly' busy across Southern Colorado.

In the past two years, the deadline has been pushed back with an extension due to the COVID-19 pandemic. However, this year people need to file for an extension by Monday to avoid any penalty fees.

Pamela Beatty, owner of Beatty Company Tax and Accounting says they're still busy because so many people have been used to extensions.

"For individuals, it was late last year and I just feel that clients are thinking, oh it is not may yet, and not realizing there is no extension, there won't be an extension," said Beatty.

Each month taxes are filed late will result in a 5% increase.

"You can try to talk to the IRS about abating the penalty but it is five percent per month that you are late in filing, and then you are also hit with a late pay penalty if you don't pay on time," added Beatty.

However, in Colorado, individuals and businesses affected by wildfires can file until May 16 with no penalties.

Additionally, if you cannot pay your taxes in full, you can lower those payments. For more information click here.

Extension requests can be made here. Requests must be filed by Monday to avoid any penalty fees.