Reminders, Tips For Filing Last-Minute Tax Returns
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There are just 17 days left of tax season, and advisers want to remind you to get in your returns before it’s too late.
Advisers say each person must be aware of their own situations when filing taxes, and try to avoid the most common mistakes seen this time of year.
“A lot of them don’t have their child’s tuition statement, or they don’t have their mortgage, or their property tax statement. It’s a big thing they miss. A lot of times they forget that they work more than one job, so they don’t have both W2s,” explained Dennis Quam, a tax adviser at H&R Block in Superior.
There is a 0.5% penalty for not paying taxes on time, and a 5% penalty if you don’t file your taxes at all.
Advisers say it is important for everyone to consider their own personal situations when handling taxes.
“If you have children in college, make sure you get your education credits. Big thing people miss also, if you are of a lower income, people do miss out on the earned income credit,” Quam added.
Tax season ends April 15.