WJTV News Channel 12 - Have You Done Your Taxes?

Have You Done Your Taxes?

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Byram, MS -

Time is running out if you still haven't filed your 2012 state and federal tax returns.  This year, April 15th falls on a Monday.  If you're mailing a paper return, it needs to be postmarked by 11:59 p.m. on April 15th.  If you've already sent your paperwork but you still owe money to the IRS, you also have until April 15th to make your payment.

"We see a lot of people waiting until the last day, especially if they feel they have a balance due," recalls the General Manager of Jackson-Hewitt Tax Service.

Susan Norris says if you still need to file your 2012 state and federal tax returns, make sure you are prepared.

"Gather your documents, like medical and mortgage interest and taxes paid on your home," explains Norris.

Itemized deductions can also apply to teachers and sales people who traveled or bought supplies for their company and were never reimbursed.

"That's a pretty good deduction at times," adds Norris.

She says she has seen a lot of people amend their tax returns to add the college education credit.  But, she warns, it only applies to what you paid for your child's tuition.  It does not include grants or scholarships.

"They take the entire credit, so they've been over-paid a credit.  If they get audited, then they have to pay that back later with penalties and interest," continues Norris.

If you don't think you can meet the April 15th deadline, you can file a six-month extension.  But, if you expect to owe money, you still have to pay your estimated tax payment by April 15th.

The Mississippi Department of Revenue tells us if you file electronically, you can expect to receive your refund in about 10 to 14 business days.  If you file a paper return, it could take up to three months to get the check in your hand.

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