Tax preparers across the region are working overtime to get last-minute returns prepared, filed, and submitted before the federal deadline. For those who have waited until now, professionals are offering guidance to avoid costly mistakes.
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The holidays are over, and now it is time for the "Santa Shock," when you get the bills for all of your purchases. According to a study conducted by Lending Tree, consumers, on average, incurred a holiday debt of nearly $1,200. The Ohio Division of Financial Institutions tips to reduce your large bill are negotiating a lower interest rate, creating a debt payoff plan, or reducing your spending for normal monthly expenses. Experts say you don't want this year's holiday debt to spread to next year.
There were around $8.4 million in loans for Northwest Ohio. Delphos got a $531,237 loan to replace valves in the drinking water distribution system all over the city. The new valves and valve location will create isolation zones in the system. Allen and Hancock Counties got $150,000 each and Hardin County got $100,000 in principal forgiveness loans to repair or replace household sewage treatment systems.
Cheryl Lawson, CPA and Owner of Lawson Tax and Accounting Services says, “You would get the failure to file penalties if you haven’t filed an extension, you will get a failure to pay penalty if you owe money, so those two penalties. And then you will also have interest added on.”