Last minute tips to file taxes; deadline is April 18
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The deadline to file taxes is Tuesday, April 18, and it can be a difficult task even if someone prepares them for you.
Some people do wait until the last minute to file, mostly because they were never taught how.
UTRGV engineering professor MD Javed filed for the first time this year after moving to the Rio Grande Valley from India.
"I think it's quite difficult, because we don't have too much knowledge about those things," Javed said. "Just like you don't know what you need to report about your bank credits, if I'm getting any bonus from the bank."
Internal Revenue Service spokesperson Clay Sanford said there are several tips for those who are filing late, or for the first time.
Among the things needed when you're filing is a social security number, Sanford said. If the person filing is employed, they'll need a W-2. For those who are unemployed, a 1099-G is needed.
Those self-employed will need to fill out a 1099 form.
"If you forgot something, and you have to file an amended return, and you have a refund coming back, it's just going to delay it," Sanford said. "So you want to try to have everything ready before you sit down to file."
The IRS offers free guided tax preparation for those that make $73,000 or less annually. To take advantage of that service, visit the IRS website and see if any questions can be answered by the interactive tax assistant tool.
"You can even use the free file program to file an extension if you need more time to get your paperwork together, or if you say for instance have a form corrected at your bank," Sanford said.
The extension period gives you until Oct. 15 to file your return. The penalty if you miss the deadline is 5% of the unpaid taxes per month.
If you are expecting a refund, keep an eye on your bank account.
"Make sure you check direct deposit and have it come that way," Sanford said. "Normally, if there are no problems with your return, you'll get refunds within 21 days or less if you click on direct deposit."
Tax season also come with an increase in scams that the IRS wants people to avoid.
"We don't reach out to folks by social media or by telephone asking for personal information like account numbers and things like that, and we never email people about their accounts or to demand money," Sanford said.
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