LANSING, Mich. – With the tax filing deadline just around the corner, many residents are rushing to ensure their returns are submitted on time. As the clock ticks down, experts are urging taxpayers to take advantage of specific benefits in the tax code that could lead to substantial savings, particularly for families with children.
According to Riley Garn, owner of Riley’s Tax Service, the tax code provides significant financial relief for middle and lower-income families, especially those with dependents. Garn explained that families with children—particularly those under 16—can benefit from several valuable tax credits.
“Child tax credits, child care credits, and earned income credits can make a big difference for families with kids,” Garn said. “These credits are designed to provide more support to families, which is a major advantage in today’s tax system.”
While many families stand to gain from these credits, Garn also pointed out a major pitfall that could lead to costly penalties: the failure-to-file interest fee. This penalty is imposed at a rate of 5% per month on any unpaid taxes, and it applies even if no money is owed. As a result, Garn stressed that anyone unable to meet the deadline should file for an extension to avoid accruing unnecessary fees.
“It’s important to file on time, even if you can’t pay your taxes right away,” Garn advised. “Filing for an extension ensures you won’t face additional penalties, and you’ll have more time to pay.”
Taxpayers who require extra time can file for a six-month extension, pushing their filing deadline to October 15th. However, any taxes owed are still due by the original filing deadline—Tuesday night—to avoid penalties. Experts encourage people to pay as much as they can by the deadline to minimize interest and fees.
For many, this year’s tax filing process may be a reminder of the importance of understanding tax credits and filing deadlines to ensure the best possible return.
