Deadline Monday for filing income tax returns - wistv.com - Columbia, South Carolina

Deadline Monday for filing income tax returns

COLUMBIA, SC (WIS) -

If you haven't started yet, it's time to get the ball rolling on filing your income tax returns.

Here's a few things to keep in mind: if you earn less than $57,000 a year, check to see  if you're eligible for the earned income tax credit


"We estimate that one out of five do not file for EITC when in fact they are actually eligible to receive it," said David Tucker with the IRS. "That is money that could be back in their own pocket."

You could be missing out on as much as $2,000.

If you like to do your taxes by hand, it may time to switch to electronic filing instead. That's because taxpayers sometimes make common mistakes when entering Social Security Numbers or names of dependents. Electronic filing also prompts you to sign and date your returns.

"We estimate that with math and computation taken care of by the software, there's less than 1% error rate, whereas with paper returns, it's roughly around 20%." said Tucker.

You can file for an extension, but delaying payment is a no go.

"People need to remember, extension to file your tax return is not an extension to pay," said Tucker. "You still need to make a payment and then work with the IRS for whatever additional monies you need to pay."

To get an extra six months, you will need to fill out a 4868 form.

The average refund is $2,750, down about $40 from last year.

Copyright 2013 WIS.  All rights reserved.

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