Today is the deadline to file federal income tax returns, but you still have another two weeks to file your Iowa income taxes. Iowa Department of Revenue spokesperson, Victoria Daniels, advises you to file electronically.
“That is best thing you can do for yourself. Number one, if you are going to get a refund, you will get it much quicker,” Daniels says. “Number two, a lot of the software programs, they actually do the calculations for you. And so you are less likely to have mistakes.”
Filing electronically also saves the state money. While it take less than one dollar for the Department of Revenue to process an e-filing, Daniels says it takes more than two dollars to process a paper return. Unlike the federal government, Iowa doesn’t allow people to ask for additional time to file their taxes.
“If you don’t file on time and you don’t pay on time, then you’re going to be hit with a 10 percent penalty. And then also, if there is an amount due, that will earn interest at five percent a year,” Daniels says. But, as long as you pay 90 percent of want you owe the state by May 2nd, you won’t suffer an additional penalty. Daniels says more than 90 percent of Iowans will get their tax refunds within two weeks of filing electronically.
Thanks to Sarah Boden, Iowa Public Radio