Tips for last minute filers on Tax Day

FIE TAXES_201389

GREENVILLE, N.C. (WNCT) – The clock is ticking to file tax returns. The deadline this year is midnight on Monday, April 18.

The deadline was extended by three days this year, since April 15 fell on a holiday. Yet still, many Americans have waited until Monday.

For those procrastinators, there are some tips to prevent having to pay a late fee.

  • Gather all necessary documents, like W2’s from employers, forms showing any interest savings account have earned, mortgage interest statements, and receipts for all purchases and payments.
  • To get things done quickly, file online.
  • It also helps to have a checklist of deductions.

Some little-known tax breaks include the following:

  • Those self-employed and responsible for their own health coverage can deduct the entire cost of their premiums.
  • Those on limited incomes can look into the Saver’s Credit if they’ve contributed to an IRA.

Taxpayers can also ask for an extension, which gives people more time to file, but means they have to pay interest on what they owe.

According to the IRS, nearly 25% of all Americans wait until the last 2 weeks before the deadline to prepare their tax returns.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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