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I listen up all you tax time procrastinators.
Today is the day it is time to file your return.
If you're still working on your forms and you have some last minute questions we have some answers for you we have Bob -- the vice president of -- -- here with some tips hi good morning -- you.
Are right so the first tip is that if you're running -- -- time you should file online.
That's correct and less than -- half -- -- first of all relax take a deep breath.
And then start by going online to the Internet we can prepare your return right now and right up to the eleventh hour this evening and going -- like to do your taxes it's fast easy convenient.
No appointment is needed.
The second to bug provided file electronically which -- is no paperwork to print out sign and mail everything is done a -- digitally.
And -- have a refund select direct deposit.
That puts the money right into your bank account.
On the other hand he -- Ol' Uncle Sam some money than you want to select direct debit so that you're not having to write a check and mail it to the -- the IRS will debit your account.
But people still wary of this up at the -- gives you an actual confirmation on the spot once you send it over them so you know went -- that's true that's one of the benefits of electronic filing you know the -- received it there's no more going to the post office to get the certified mail receipt.
It's -- it is free all right next tip.
If you know you're not gonna get this done you have to file an extension.
I think you're talking about me here in the ten million other Americans who have yet to file their return and will be filing an extension.
You haven't file you're Irish haven't done -- -- -- didn't wow so here's a tip here.
Once again go online we can file an automatic six month extension of time to file.
The important point here though is.
It's an extension of time to file not an extension of time to pay.
Right very important that there you have to estimate what you -- even if you haven't done all the paperwork yet and send out that check or you will get penalized that's correct.
All right also.
What's the last tip there.
If you don't have the money to pay he should still file because you'll be penalized more for not filing you can work out a payment plan.
That's correct more and more -- was a struggle financially and the IRS knows that -- iris is here to help.
I'll get to the iris is here to help that's surprising but the thing is.
For those people who can't pay him right now it's important that you file your return and pay what you can.
Then go online to the IRS site we can fill out an installment agreement it's very simple document.
And costs about fifty bucks and allows you to make payments.
As long as six years six years to pay off in installments if you have to -- that's good to know -- right.
There are some common mistakes you've seen the mall -- most common is getting your Social Security number Iran that's correct in the thing is there's fewer mistakes today than were in the past that's because software and -- diagnostics.
Help identify errors before you file your return.
Nevertheless there's certain things to watch -- to make sure you have an actor return.
Double check your Social Security number and names on the return to make sure they agree with the Social Security administration's records.
The second thing is don't overlook valuable deductions and credits like.
Mileage for charity or clothing and furniture that you donate to at the charity -- well.
The other thing is -- your student.
Look for student loan interest in any education expenses that you may have.
Paid and that that is for either the parent or the student themselves that's -- -- legally obligated to make interest there to make payments on the debt laden and that last one that I would say is.
It's April 15 is the last day to make a contribution to your individual retirement account.
The benefit of doing that is that you also may be entitled to a deduction on your 2012 tax return.
Thus increasing your refund.
Yes -- even though it's when he thirteen you can still contribute your IRA for 2012.
And then -- into -- later -- for 2013 pounds so that's correct all right good advice Bob -- -- of Turbotax to -- -- done thank you for joining us.
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