POSTED: Wednesday, April 14, 2010 - 6:05pm
UPDATED: Thursday, April 22, 2010 - 2:30am
TYLER-With the threat of late penalties looking you right in the face, thousands of Americans are making the mad dash to "square up" with Uncle Sam before this year's tax deadline zips by.
According to the Internal Revenue Service, one in four taxpayers will typically wait until the last minute to file their returns. And more often then not, this is when most of the problems and mistakes happen.
Over the next 24 hours Liberty Tax Service in Tyler is expecting to have almost 100 late filers walk through their doors. And this comes as no surprise to Co-Owner Maureen Parkhill who tells us for some it's a ritual to file last minute.
"Definitely, especially if they owe," Parkhill said.
According to tax experts, here are a few common tax-return mistakes you may want to avoid.
Not attaching W-2 form to your return.
"They forget that they worked another job, so they don't know there missing a W-2 or 1099," she said. "They file their taxes and a month later here it comes, so they have to amend their taxes."
Another common mistake lies in the math, so make sure you double check your math, especially on the big items like your key income and deductions.
While some may not get their math correct, others forget to sign their name on the dotted line. And that's one of the reasons why Mrs. Parkhill recommends filing electronically.
"That's the best way to go because the IRS can get it right away and if they get a refund they'll get it in 15 days," she said.
Though the whole process is stressful and confusing, if you don't file your subject to interest and penalties.
"Don't be afraid of them," Parkhill said. "If you stick your head in the sand it will never get better."
And if you simply can't get your taxes done on time, you can request an extension. You can submit form 4868 by April 15th and that will push your filing deadline back to October 15.
For more information on common filing mistakes go to http://www.bankrate.com/finance/taxes/10-common-tax-filing-mistakes-to-avoid-1.aspx