Last minute income tax tips - KCBD NewsChannel 11 Lubbock

Last minute income tax tips

LUBBOCK, TX (KCBD) -

Despite the stress, millions of Americans wait until the last minute to file their taxes. If you're one of them, you have less than two weeks to file.

Mary Hughes is one of many cutting it close to the deadline when filing her taxes.

"I'm so busy with everything else and I'm usually like the last day every year. It's just because I'm so busy," Hughes said.

The IRS says nearly 25% of Americans wait until the last two weeks before the deadline to prepare their returns.  

Here are some tips on how to keep your crunch time less stressful:

Organization is key, so have everything in one place such as W2s, Social Security numbers, 1099s and 1098s.

Avoid last minute mistakes by making sure all numbers are correct,  that names are spelled correctly, by selecting the correct filing status and don't forget to sign and date the return.

Many people decide to file their taxes on their own.  However, experts suggest going to a tax preparer if you have any questions.

"A lot of people don't understand how to fill out some of the information, like what their adjusted gross income is for the year, and that's where we can come in and help and fill out the application for them," said Margaret Jackson with H&R Block.

When all else fails, and you can't meet your deadline, you may be able to file an extension with the IRS. The IRS says more than 8 million people request extensions every year. The only requirement is that it must be filed no later than midnight, April 15th.  Tax preparer Jamelle Jackson says the extension only applies to filing your taxes not to paying them.

"If they're going to file an extension, they need to make sure they have the money to send with the extension. The extension is only for paperwork, not for the money they actually owe," Jackson said.

For more information about income tax preparation, visit: http://www.irs.gov/.

Copyright 2014 KCBD. All rights reserved.

 

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