Last minutes tips for filing your taxes

6:59 AM, Apr 15, 2013   |    comments
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GOLDEN VALLEY, Minn. - The deadline to file for your taxes is here and there are plenty of people waiting until the last minute.

So what can you do in these last hours to make the most of your return? And what are your options if you can't pay?

Todd Koch with John A. Knutson and Company, visited KARE 11 for to give some last minute tips.

Ask for more time

  • Many people ask for an extension to file their income taxes
  • Your tax return will still be timely filed if it is filed by October 15 if you file a form.
  • You do not need a reason
  • The Federal form is very simple - only 4 numbers to enter
  • The Minnesota form is even easier - just tell them how much you are paying
  • An extension does not increase your chance of being audited.
  • It is understandable that many people need more time;
    100 years ago there was one page of instructions for a Form 1040, now there are more than 100 pages of instructions.

What if you cannot pay everything due

  • File the return or the extension to reduce penalties by 90%
  • Pay via credit card; But must also pay a processing fee
  • Enter into a payment agreement
  • Considering paying Minnesota before Federal
  • Interest rate is the same but MN has a higher up front penalty
  • Gets you down to one agency to deal with rather than two

Last minute tax reduction strategies

  • April 15th is the last day to make and IRA contribution for 2012
  • It is also the last day to make a contribution to a health savings account for 2012

(Copyright 2013 by KARE. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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