Nichole Hannahs

Many Wait to File Taxes

by Nichole Hannahs on March 26, 2013 at 6:25 am

An estimated 25-30 percent of Ohioans will wait until the final two weeks to file taxes.

If you’re one of those waiting until the last moment to submit your 2012 return you can file an extension. The catch is you will still have to pay if you owe and will get a late filing penalty.

"It will buy you an additional 6 months to submit your return," explained IRS Spokesperson Jennifer Jenkins. "Any tax due is technically due by midnight on April 15. So, the key is even if you are filing for an extension even if you think you may owe some money, estimate how much money may be owed and try and pay in full or as much as you’re able by that date."

Jenkins said since some tax forms weren’t available until February or early March those with Educational Tax Credits, American Opportunity Tax Credits, Lifetime Learning Credits and Home Efficiency Improvement credits won’t be charged a late fee if filing after deadline.

"There will still be interest for any money due, but for those folks if they are unable to file their complete return by April 15 and they do owe some money we will be waving that late payment penalty for them," explained Jenkins.

Some tips for those filing in these final weeks, get all your paperwork together including receipts and deductions that way when you do start working on the forms everything is in one place.