Sunday, April 12, 2015

Last-minute tax filers should not panic

     When filing taxes at the last minute, there are many issues to consider before handing receipts over to your preparer. 
      “There isn’t much of a difference between filing later rather than early. People are still always in a rush to get their money,”  said tax preparer Elizabeth Strohn of Jackson Hewitt, 293 Grant St. “There are only certain things that you should not forget.” 
      Strohn said if you regularly donate to charities, remember to include documents or letters that prove so. In failing to do so, you forfeit money that could have been a great addition to the refund that is always looked forward to this time of year, she said.
      For parents and students, there are several tax benefits connected to student loan interest or education payments. For student loans, the lender provides the borrower with an interest statement that is taken to a tax preparer. 
      Double-checking all personal information is a must, Strohn said. A simple mistake such us the wrong bank account number, social security number and birthdate can hinder the tax returns process. It is important to make sure all information is correct, she said.
     “Make sure all the documents you need are in order” Strohn said."Do no panic if they aren't."
     Realizing that deadline is close sends most people into a frenzy, which causes even more mistakes, Strohn said. Filing  for an extension is an option for those who know that they will not be making the April 15 deadline. This allows an extra six months for people to get their documents in order without having to worry about rushing.  By Steven Cornelio and Omon Ejemai