Tax day is almost here. April 15th is the last day to file your taxes this year, and according to stats, nearly one third of people file their taxes right before the deadline. We spoke with financial professionals who shared money saving tips for those last minute filers.
There are two things certain in this life: death and taxes. And with the April 15th deadline knocking on the door, there may be millions of stragglers left behind with over 30 percent of Nebraskans saying in an NTV X poll that they haven’t done so yet.
“They are slow in finding all of their documents they need to complete a return,” said franchise owner of H&R block in Kearney Lenard Pedersen.
Tax season and filing them can already be stressful enough, and according to partner with Stonebridge Wealth Systems Jeremey Gove, that stress and pressure leads people when filing their taxes to make common mistakes.
Gove would go on to say, “People are still filing their tax returns as a paper filing. Obviously they are doing the math, they are taking numbers from a W2 of a 10-99 and transcribing that over to a paper document so a lot of times I’ll see errors in that or just simple math errors.”
For the best results in filing your taxes experts recommend using assistance from H&R Block or TurboTax, as well as an accountant.
If you do miss the April 15th deadline, you can make a request to the IRS by filing form 4868 moving your deadline to October 15. But Gove mentions that it’s not an extension to pay.
“So you still have to pay your taxes that are due on April 15th,” said Gove.
According to TurboTax.intuit.com, the IRS will charge you one half percent each month on the amount of tax you will owe after the deadline. If you fail to file a return altogether by the extension date, the IRS penalty increases to 5 percent per month, for a maximum penalty of 25 percent. To prevent this from happening Grove says to start early.
“In January 2024 I started a file and I use that file to throw noted in,…
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