Deadline to file taxes is upon us
Mon, 14 Apr 2014 23:14:25 GMT —
The deadline to file your federal taxes is April 15.
Local tax professionals say the majority of their business comes within the week leading up to the deadline.
"Like this office at 36th and Broadway behind Wendy's maybe 50 tax returns in one day," Carrie Bareis, a tax advisor with Liberty Tax Service in Quincy, said.
Bareis says people become late filers for a variety of reasons. But there are a few tips she says everyone should know.
First, you need to know the deadlines.
Federal taxes must be filed by Tuesday, but state taxes depend on where you live.
"The state tax returns for Illinois and Missouri are due on April 15 also, Iowa actually allows their residents to file their state return through April 30th and be timely," Bareis explained.
Also, Bareis says file an extension if you need more time, but it's important to know what an extension actually is.
"People think filing an extension extends the time to pay the taxes, it does not, an extension extends the time to file a tax return,â?? Bareis said.
This gives people more time if they need to gather more paperwork.
When it comes to charitable contributions, Carrie says a new piece of legislation could save you a lot of money.
"There was a special bill passed on March 25, it helps the victims of the typhoons in the Philippines last November, if you would like to make a contribution for those victims you can actually deduct it off your 2013 tax return," Bareis said.
Finally, if you have questions, ask a professional. There is a chance you might have missed out on something important, like a deduction.
She says it is never too late to put these tips into effect because amendments can be made up until the deadline.
Liberty Tax Service will be availble until midnight, Tuesday, April 15, 2014.