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Last minute tax filing tips

Local News

EFPR Group CPA Jacqueline Tepfer discussed some last minute tax filing tips Monday on News 8 at Sunrise.

The filing deadline this year is Monday, April 18.

The IRS says 20 to 25 percent of Americans will wait until the final two weeks to file their tax return.

Tepfer said if you’re in that group, these are the things to keep in mind – be aware of missed credits and deductions, double check your numbers and signatures, understand extension rules, and use e-filing when filling out your tax return.  She said if you don’t think you’ll be able to finish your return on time, be sure to file an extension using Form 4868 by April 18.  They are usually approved and allow for a six month extension to file.

People should remember that an extension to file is not an extension to pay owed taxes, Tepfer noted.  If you are concerned about paying what you owe by April 18, she said file you taxes and set up a payment plan with the IRS.

E-filing is the quickest way to get your return from the IRS.  Tepfer said refunds are usually issued with 21 days.  If you send out your return on paper and via U.S. postage mail, it could take up to six weeks to receive your refund she added.

For more information from the New York State Society of CPAs, visit their website, click here.

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