Tri-State tax preparers offered the following tips to make the inevitable a little less painless:
- File early, especially if your tax situation is complex.
- If you can't pay the full amount you owe by April 15 pay what you can and file for an extension to minimize penalties and interest due.
Failing to file anything by April 15 can result in penalties of up to 25 percent of the amount of taxes due, according to Phil Cox, a partner in the Martinsburg, W.Va., CPA firm of Cox Nichols Holliday.
- Getting a big refund is a mixed blessing. While for some people it means "saving" money they couldn't spend, it also isn't earning any interest while the government keeps it.