Tuesday, April 17, 2007

April 17 Tax Filing Deadline Is Here

C. Keith Peedin, a CPA in Smithfield, looks over a last minute tax return on Tuesday. Tuesday is the tax filing deadline. Peedin said Monday was his busiest day ever, and that his CPA firm had to file extensions for about 150 clients.

For those of you who procrastinate on filing your income taxes, today, April 17, is the final day to file. The Internal Revenue Service suggests filing electronically this year. Its fast, accurate and easy. The electronic filing program also checks for errors, and your refund will be issued in about half the time it would take if you file a paper return. About half of all federal tax returns have been filed electronically this year. The IRS also reminds taxpayers not to overlook the telephone excise tax refund this year. This is a one-time refund of long distance excise taxes available on 2006 income tax returns. Taxpayers may be eligible to claim the earned income tax credit. Earned income of less than $39,000 in 2006 may qualify a taxpayer to claim the earned income tax credit. This credit could be worth up to $4,536. If you are filing a paper return, the IRS suggests to double-check your figures, sign the forms, and don’t forget to write down your full social security number. And if you can’t have you tax returned prepared by today’s (April 17) deadline, be sure to file an extension. Taxpayers can get an automatic six month extension, but must submit the request by April 17. The extension gives taxpayers until October 15 to file. However, an extension of time to file does not give you an extension of time to pay. A taxpayer can request an extension from 30 to 120 days depending on the specific situation, but you could still be subject to a penalty and interest. C. Keith Peedin, a Smithfield CPA, said this has been one of his busiest years ever. Peedin says he had to file extensions for nearly 150 clients. “Monday was our busiest day ever,” he said. Remember, if you are filing a paper return, it must be postmarked with today’s (April 17) date. On Friday, the IRS learned of a new tax scam on the Internet that lures taxpayers into filing tax information on a site masquerading as a member of the Free File Alliance. The alliance is a partnership between 19 tax software companies and the IRS. However, a website claiming to be with the alliance accepts taxpayers information, changes their bank account numbers to their own, and then files the return through a legitimate Free File partner.


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