Income tax deadline: Expert offers tips on filing your return to get refund from IRS faster

CHICAGO (WLS) -- We're just over a week away from the tax deadline. Have you filed your taxes yet?

For all those procrastinators out there, Craig Bolanos, founder and CEO of Wealth Management Group in Inverness and Downers Grove joined ABC7 for some last-minute tax tips.

Taxpayers have a little extra time to file this year. Typically, the deadline is April 15.

This year, that falls on a Saturday, so the IRS must move the deadline to the next business day. Since Monday, April 17, is Emancipation Day in the District of Columbia, the final date to submit a 2022 tax return or file an extension is on midnight of April 18.

Anyone who is expecting a refund should file sooner so that you will get the refund faster, Bolanos said. He said processing returns gets longer and longer the closer to the deadline you file.

Bolanos said the biggest mistakes often happen because people have not gathered all of the proper documents.

Bolanos has a checklist to get started:

Income Documentation

-W-2, "Wage and Tax Statement" from each employer

-Unemployment compensation (1099-G)

-Interest income (Form 1099-INT)

-IRS income information forms: 1099-K, 1099-NEC or 1099-MISC

- Social Security benefit statement (SSA-1099)

-Retirement or pension income (1099-R)

-Certain gambling winnings (W-2 G)

- Partnership, trusts, S-corporations (Schedule K-1 copies)

-State tax refund statement (1099-G)

-Proceeds from real estate transactions (Form 1099-S)

Documentation of Expenses

-Mortgage interest

-Charitable contributions

-Real estate and sales taxes paid

- Child and dependent care expenses

-Education expenses paid

-Medical and dental expenses

-Business and rental income and expenses

-Auto expenses (including business miles driven during the year)

Those who want to get their refund right away should file electronically and choose direct deposit. Direct deposit is free and people can even split their refund over different accounts.

The IRS typically processes refunds by direct deposit within 21 days, which may take longer for paper returns.

For those who know they are going to owe money, Bolanos recommends contacting the IRS directly at IRS.gov and click they link that says, "Make a Payment."

The link will provide information about payment options and if people qualify for an installment agreement.

Another program is the "Offer in Compromise," which is intended to help people financially strapped that it is unlikely the IRS can collect all that is owed," Bolanos said.

Bolanos said to file a tax return even if you can't pay to avoid a penalty for failing to file taxes. A failure-to-file penalty is 5% of the unpaid taxes for each month or part of a month the tax return is late. The penalty ordinarily won't exceed 25% of unpaid taxes. The IRS also charges interest on penalties.

For more information, visit www.InvestWithWMG.com.