PARSIPPANY, N.J., March 25, 2014 /PRNewswire/ -- April 15 is right around the corner, and as the end of tax season draws near, late-filers may be wondering where to start. Jackson Hewitt Tax Service®, a national leader in full service paid tax preparation and related financial service products, offers five things to know about the final days of tax season, five things to watch out for, and five things to do before April 15.
5 Things to Know About April 15:
- To have your taxes filed by the deadline, you must file before midnight April 15, 2014.
- You can file for a tax filing extension, which would make your deadline October 15, 2014. It's important to remember that an extension is a delay to file tax forms not to pay a tax liability. Taxes must still be paid by April 15 or interest and penalties will accrue.
- If you are paying taxes with your extension to avoid the late payment penalty, you must pay at least 90 percent of your final tax liability or you will be assessed a late payment penalty.
- If you make quarterly estimated tax payments, your first payment is due April 15.
- You can make a contribution to a traditional IRA as late as April 15 to lower the taxable income on your 2013 tax return.
5 Things to Watch Out For:
- While the IRS doesn't penalize you for filing late when you are due a refund, many states do.
- If you're are paying a student loan for a child, even if the child is no longer a dependent, you may be able to claim the loan interest.
- If you put money into an IRA or a company pension plan such as a 401(k), you may be eligible for a credit of up to $1,000.
- The IRS will notify you, and penalize you, when you forget to include income on your return.
- The IRS will not notify you if you forget to claim a deduction or credit you may have been entitled to.
5 Things To Do Before You File Your Taxes:
- Locate last year's tax return; it's a useful guideline to help you determine what you'll need to file this year's tax return.
- Locate all the forms W-2 and 1099s employers, banks, and others sent to you in January and February. Gather receipts and/or statements for possible deductions like mortgage interest, charitable contributions and tuition and fees for yourself or other family members.
- Don't wait until the last minute; it is too easy to make a mistake and forget deductions, credits, or even income when you are rushed.
- When ready to file, do one final check of data on your tax return including name spellings and Social Security numbers and most importantly, withholdings and estimates you have paid.
- If you've already filed, but are unsure you've gotten all of the deductions and credits you were entitled to, there is still time to have your return reviewed. You can have up to three years of returns reviewed.
For additional information visit www.JacksonHewitt.com or call 1-800-234-1040.
About Jackson Hewitt Tax Service Inc.
Jackson Hewitt Tax Service Inc. is the #2 provider of full service paid federal and state tax preparation and related financial service products delivered through approximately 6,400 franchised and company-owned locations throughout the United States and Puerto Rico, including locations in Walmart and Sears stores across the United States. Jackson Hewitt Tax Service also offers an online tax preparation product at www.JacksonHewittOnline.com. For more information, or to locate your neighborhood Jackson Hewitt office, visit www.JacksonHewitt.com or call 1-800-234-1040. Jackson Hewitt can also be found on Facebook and Twitter.
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