Tips For Tax Procrastinators - KATV - Breaking News, Weather and Razorback Sports

Tips For Tax Procrastinators

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The tax deadline is now less than three weeks away. And if you haven't done them yet, you're not alone.  An estimated 27 percent of taxpayers wait until the last two weeks to file their return.

If you're one of those procrastinators there is some good news.  You have an extra three days to file your federal taxes.  The deadline is Monday, April 18 this year. TurboTax says there are a few other things to help the last minute filers:

  • Taxpayers can go online to prepare and e-file taxes up to the last minute. TurboTax is just one of the many online products.
  • Contribute to your IRA.  Even procrastinators can save money on their taxes.  Taxpayers have until the April 18 deadline to contribute to an IRA and get a deduction on this year's return.
  • Don't forget charitable contributions.  Cash and in-kind donations in 2010 are deductible for itemizers.
  • Don't just take the standard deduction if you think you're running out of time. It may be worth more to itemize. Software programs can compare both and help you decide which is best for you.
  • And if you need more time, taxpayers can get an extra six months to file. But remember, an extension to file, is not an extension to pay your tax bill. Individuals still need to send the IRS a payment for taxes owed to avoid late penalties.

Click here to check out the most common reasons people procrastinate on their taxes.


    
  

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