KANSAS CITY, Mo. — Tax Day — April 15 — is rapidly approaching.
Kansas City-area finance professionals encourage all residents to maximize the next 48 hours to file their taxes.
"Do not avoid the IRS; do not avoid filing. The No. 1 thing to do is attack it head-on," explained Abram Oliver, owner of Show Me State Financial Services.
Alongside his partner, Earl McWilliams, the two offer financial advisement to Kansas Citians.
“You can never measure twice and cut once enough," McWilliams said about filing taxes before the Tuesday deadline. "Always double check, double check, triple check even.”
There are various options available when filing your taxes, including the use of a tax professional or free online platform.
Show Me State Financial Services said whatever a customer decides to use, the most important thing is to ensure all names, numbers and documents are correct and prepared ahead of time.
Double-checking each line is filled with the proper information and the filing status is correct can prevent any delays as the deadline approaches.
"If something’s changed in your life, you may have changed your name on your driver’s license, but also get your name changed with the Social Security office," McWilliams explained. "The IRS will match up the last numbers of your digits with the last name that’s associated with it. But if that name isn’t updated, then that could trigger some delays for your filing.”
The IRS has already received over 100 million federal income tax returns since April 4 and expects more in the next few days.
Show Me State Financial Services told KSHB 41 their tax filings are down because specific documentation has come in late for some clients.
Changes in the White House have also discouraged some individuals from completing their taxes early.
"We are seeing that many Hispanic clients are not filing their taxes like normal," Oliver said. "The ups and downs in the new administration has taxpayers waiting things out."
Show Me State Financial Services encourages everyone to file their taxes, regardless of whether someone owes or expects a return.
"If you feel like you’re going to owe, you want to give the IRS a heads up that you know what’s going on, and then that’s going to allow them to correspond with you going forward," Oliver said. "The IRS is going to try and work with you... You can file an extension ... they’ll put you on a payment plan or defer it, and maybe you can come to a compromise.”
McWilliams told KSHB 41 that if a person operated a private business through third-party payment services like PayPal or Venmo, any profit over $600 needs to be reported.
"You will get taxed on that," McWilliams said. "You need to be aware."
Additionally, there are resources available online through the IRS website. Click here to file an extension online.
For filers in need of other services, the Taxpayer Advocate Service can help those needing assistance with payment.
McWilliams added the IRS is making a point to ensure filers' dependents are recorded properly. He encourages honesty when filing children or other responsible parties.
"You filing your taxes is, first of all, about identifying you, who you are," he said. "Making sure your information is correct about who you are, that’s more than 50% of preventing any type of delays.”
Taxpayers have until 11:59 p.m. on April 15 to file their federal income tax returns.
For more information on Show Me State Financial Services, click here.
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KSHB 41 reporter Ryan Gamboa covers Miami County in Kansas and Cass County in Missouri. He also covers agricultural topics. Share your story idea with Ryan.
