| Updated: 4/14/2009 9:24 pm |
Published: 4/14/2009 4:38 pm
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Attention procrastinators – the deadline to file your taxes is looming large. If you don't file by midnight Wednesday, April 15th, you'll need to file an extension.
Even if you're planning on filing an extension, you need to do so by April 15th. But remember, an extension does not give you more time to pay. If you owe taxes and don't file by April 15th, you could face interest on the unpaid taxes and a failure-to-file penalty. So experts say it's best to file by April 15th if you owe money to the government.
Here's a few last minute deductions to think about:
If you pay real estate taxes, you can deduct up to $500 if you're single and $1,000 if you're married.
You also have until April 15th to contribute to an IRA retirement account. Up to $5,000 of that contribution can be deducted from your income.
Also, if you bought a new car, motorcycle, or motor-home after February 16th this year, you may be able to deduct state and local sales tax from your income, up to a certain amount.
Another benefit for some families right now is the Oklahoma sales tax credit, also known as the grocery tax.
“You can come and get a form, you don't have to file your taxes for it. That's worth up to $40 per person for someone - or a family - who makes $50,000 or less. So if you have a mom, dad, 2 kids - that's $160 that you could be getting back,” says Linda Brock with the Community Action Project which is helping people prepare their taxes for free.
Married couples making $50,000 or less, or singles who earn $40,000 or less qualify. Make sure you bring your social security card, W-2, and any type of supporting paperwork for claims.
You can save time if you file electronically and choose direct deposit. Make sure to sign your forms and double-check the IDs of the people listed on your return.
