Tax Deadline Tips
Mon, 15 Apr 2013 13:07:02 GMT —
Today marks the April 15th national tax deadline!
It is your last chance to file your taxes without any penalties.
David Perez with Liberty Tax Insurance stopped by Action 4 Sunrise to give our viewers options.
He gave us these tips and said all of his six valley wide locations will be opened today until midnight.
If you would like more information Liberty a call at (956) 365-4829.FILE NO MATTER WHAT!The problem will never go away. Interest and penalties start to pile up immediately. If you owe money even if you can TMt pay it, you need to file to avoid the heft failure to file penalty of 5% for each month the return up to a maximum penalty of 25% of the tax due.The failure to pay penalty is 0.5% per month that the tax is not paid in full. There is no maximum limit to the failure to pay penalty. And don TMt forget about the interest on the unpaid amounts.Currently the rate is 3% but that can change every three months! Back in 1983 the interest rate went as high as 16%!Don TMt leave money on the table.According to the IRS, almost $1 billion is available to thousands of taxpayers for the 2009 tax year.If you didn TMt file in 2009 but think you might be subject to a refund, you have until April 15, 2013 to claim it.After that, it is it gone forever.File electronically.Returns that are filed electronically tend to be processed faster and have fewer mistakes (no pesky math errors).Bonus? No waiting in line at the Post Office.Use direct deposit.If you TMre expecting a refund, consider using direct deposit. It TMs the fastest way to get paid from the IRS " and no chance that the check will got lost in the mail!
Consider filing for extension. If you TMre not ready to file your taxes, you can file for an automatic six month extension using a Return.Contrary to popular belief, filing for extension doesn TMt make you an audit target " and may, in fact, do just the opposite since a correct, complete return filed on extension is always better than a sloppy, flawed return filed on April 15. Don TMt forget, however, that the form allows an extension of the time to file, not the time to pay.