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Expert Says Those Who Can't Afford To Pay Taxes Should Still File

DENVER (CBS4) - Since the usual tax deadline of April 15 was Sunday and because April 16 is a holiday -- the District of Columbia's Emancipation Day -- people have until Tuesday, April 17, to get their taxes filed.

Experts offered some last-minute advice for people who expect to not only owe money, but who will actually miss the filing deadline. They say file anyway because it will save them money in interest in the long run.

"Because the penalty to not file at all in a timely fashion is five percent, versus filing and not paying what you owe, that's only half a percent," Steve McDermott with Liberty Tax Service said. "So people misconstrue or don't realize that they still have a huge advantage, or it's beneficial to them to file timely even if they expect to owe and can't afford to pay that."

When Littleton resident Laura Bishop heard this year's tax deadline was two days later than usual, it was a relief. She, like many, have pushed filing taxes right up against the deadline -- something that's become a bit of a pattern.

"I tried to do it myself and I'm throwing things at my computer," Bishop said. "I just think I can do it myself and save the money but I start doing them on the computer and it just doesn't work with me."

"Don't be intimidated. I think a lot of people get scared and they're going places where they haven't gone before as far as accessing their retirement or short-selling or losing their house," McDermott said. "But once they come through and actually go through with a tax professional, it takes a lot of that stress off of their shoulders."

Liberty Tax Service will open at 7 a.m. on Monday and Tuesday and close at midnight on that tax deadline day.

Liberty Tax Service says April 17 is also the deadline to make IRA contributes for 2011 -- that can help lower tax liability.

LINK: Liberty Tax Service

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