Tax Crunch hits
Updated On: Apr 15 2013 04:36:59 AM CDT
Filed your taxes yet? Monday is the filing deadline, and tax preparers were busy all weekend.
"Well, you know tomorrow is the 15th, yep," said Gretchen Faust of Bethlehem, one of the last-minute stragglers."
Faust said she usually does this much earlier.
"Not usually the day before," she said. "My work keeps me busy and things get away from me."
According to the IRS, some 97 million Americans have already filed. For those who haven't, and need more time, there's always an extension.
"It's a fairly simple process," said Dennis Wisdom with Liberty Tax Service. "It takes somewhere in the area of 15 to 20 minutes."
Extensions can be filed electronically, and give you six more months to finish your full return. However, you must pay at least 90 percent of what you owe.
"We calculate the amount you made this year and how much withholding you've already had taken out, and then we do a quick 'guesstimation' of what you owe, if anything," said Wisdom.
Faust is getting a refund.
"I'm pretty happy about it," she said.
And she's not alone. The IRS says the average refund is $2,755 this year. That's about 40 bucks less than last year. According to Wisdom, many filers are actually entitled to more than they ask for.
"A lot of times they don't take all of the deductions that they should be taking," he said. "If you have tuition expenses, a lot of times that gets missed as well."
No matter what though, one thing you can't miss is Monday's tax deadline.
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