Have you filed your taxes yet? Tuesday is the deadline!
(WIS) - The deadline is here. Tuesday is the last day to get your tax documents together and file a return.
Tax specialists in the Midlands say they expect to be very busy, but there are some things that can make filing your taxes easier.
They say that even if you don't have all of your information, it's better to file something than nothing at all.
According to H&R Block, the penalty for not filing a tax return could potentially be 10 times greater than the penalty for not paying in full.
They say the best way to avoid this is to file a completed tax return or apply for an extension by Tuesday. But keep in mind that an extension to file is not an extension to pay owed taxes. At least 90 percent needs to be paid by the deadline.
If you file an extension, you will have until October 15 to complete your return.
According to H&R Block, a few common mistakes people make include selecting the wrong filing status. This can impact credits and deductions that you are eligible for and could also mess with your tax bracket.
Failing to itemize is another common mistake. Specialists say that only one in three taxpayers itemize, and more should because ultimately deductions can add up and save you hundreds of dollars.
If you've already filed and realize you've made a mistake, don't worry. It's not the end of the world!
Some tax preparation places will be operating under extended hours. You'll have a little more time before midnight.
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