GREENSBORO, N.C.-- Triad tax services say they expect an influx of last-minute tax filers, ahead of the April 15 deadline at 11:59:59 p.m.
Liberty Tax Service in Greensboro said its offices still are finding many customers want to file, as opposed to opting for an extension.
Anna Johnson, a tax preparer at Liberty Tax Service, said she finds most last-minute filers typically are scared they owe, do not want to pay or simply dread the process of filing taxes. Others, she said, do not have all of their information in order or forget important documents.
"Another thing people tend to miss out on is medical expenses. They forget to bring in co-payments and stuff. They fail to file their charitable contributions, because there are some contributions you can claim discounts to--Goodwill, the Salvation Army--the fair market value of what you gave away."
She said many people miss out on the earned income credit because they do not realize they qualify.
Johnson addressed commonly-asked questions late filers tend to ask. She said families do not know whether their children in college are still considered full-time dependents. She said she also has had to remind tax filers the new health care mandate will not affect this year's taxes. People who do not have health insurance will see the penalty on the 2014 to 2015 taxes.
For those who have opted to file an extension, Johnson stressed an important reminder--payment on any taxes owed is still due April 15. Johnson after an extension is filed, "You need to contact your tax preparer and make an appointment and gather all the information, so that it is filed in a timely manner. August 15 rolls up just as fast as April 15. It needs to get done as quickly as possible."
The penalty is five percent per month of the unpaid balance--as much as 25 percent of the amount of tax due. To avoid the penalty, tax filers need to have paid at least 90 percent of the total amount owed or 100 percent of the tax paid on last year's tax return. It is 110 percent if the adjusted gross income is more than $150,000.
People who need to file an extension can file a form 4868 through a tax service or free online by logging onto the IRS website and selecting the free file service.
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