Tax Day: Havertown CPA has advice for those needing to file

May 17 is also the deadline to contribute to health savings accounts and individual retirement accounts.
HAVERTOWN, Pennsylvania (WPVI) -- The deadline has arrived for filing your taxes.

In March, the Treasury Department and the IRS extended the deadline from April 15 to May 17.

Action News spoke to people who had differing approaches to filing.

"I like to get them out of the way as soon as possible, mine were done in February," said Carole Soskis of Bala Cynwyd.

"I did it Saturday afternoon. I was there for four hours," said Ali Hunaidi of Northeast Philadelphia.

David Camaratta with Fred Camaratta CPA in Havertown noted a lot of their clients took the extra time.

"A lot of people were unemployed, they don't have the money, maybe they didn't have even the time to gather all their paperwork," said Camaratta.

If you need more time, you can file for an extension, but note - an extension to file is not an extension to pay.

Camaratta emphasized even if you cannot pay it all now, try to pay something.

"You can estimate it, based on your 2019 tax return. Just estimate something, pay as much as you can is key to today," said Camaratta.

He continued, "It just minimizes the amount of interest and penalty that you're going to have to pay down the road."

The child tax credit is another reason to file. People who are eligible could start receiving those payments as early as July.

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"File today because that could trigger you to get some of those child tax payments," said Camaratta.

May 17 is also the deadline to contribute to health savings accounts and individual retirement accounts.

"If you have an IRA, do an IRA today, as much as you can - $6,000, $7,000 - whatever you're entitled to. Today is the last day to do an IRA deduction for yourself," Camaratta said.

File by midnight and save a PDF of your confirmation.

If you cannot pay your taxes right now, apply for an installment agreement or hardship status on irs.gov.
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