AMARILLO, TEXAS -- Procrastination isn't just for college students anymore. Lots of people filing for their tax refund last minute are feeling the pressure as the deadline creeps closer.
Because April 15 falls on a Sunday and Monday is a holiday, the 2012 tax deadline has been bumped back to Tuesday, April 17. Pronews 7 spoke with L. Kruckeberg, CPA who said don't panic, a few last minute tax tips are sure to help you get your refund on time without seeing a spike in your blood pressure.
1) File Electronically.
"One of the best things to do is file electronically because there are a lot less errors if you file electronically," said local Managing Partner for L. Kruckeberg, CPA, Lloyd Kruckeberg. "If you file by hand about 20 percent of those have errors in them. If you file electronically, you'll also get your money faster."
2) Double/Triple Check Data
"Make sure they double check their social security number. A lot of times they type it in and don't double check that and that can really delay a refund and make it very hard to fix," explained Kruckeberg.
3) File an Extension
"If you are running into panic mode and you're getting down to the last minute then I would say, file an extension," recommended Kruckeberg. "With that extension you're going to need to also file what you think you owe if you actually owe, if you don't owe anything you don't need to do anything but file the extension."
4) Consider Hiring a CPA
"If you're really going to the last second, you might have to, because of the new complicated laws, actually go out and hire a CPA or accountant to do it for you. They can electronically file an extension for you."
If you're still planning on filing, you'll still need to make sure you have your W-2, 1099 and all information mailed to you classified as "Tax Information" or "End of Year Tax Statement". If you decide to file for an extension, you'll then have until October 15, 2012 to file for your refund.
Either way, it's important to file because if you don't, it's almost like throwing that extra cash in the trash.
"Some people think they don't need to file because they don't meet the threshold," said Kruckeberg. "They actually had money coming back that they had to forfeit because it's past the deadline so you should always file, if a W-2 is out there, file and get your tax refund."
