>Last-minute tax tips for procrastinators
Associated Press
Posted: 04/13/2012 06:03:11 PM PDT
Updated: 04/13/2012 06:03:11 PM PDT
CHICAGO — Getting an extra two days to file taxes beyond the usual April 15 tax filing deadline isn’t likely to cure a nation of procrastinators this year.
Tens of millions of us routinely wait until just before the deadline to file returns. More than 30 percent of taxpayers filed the week before Tax Day or later via extensions in 2011, and Internal Revenue Service statistics show the pace is similar this year.
Perhaps working under deadline pressure helps you focus better on the task at hand. But procrastinating may come at a price.
“The amount of work that’s going to need to be done at the last minute is no less just because you’ve waited, and the potential for errors is greater,” says Suzanne Shier, a tax strategist at Northern Trust Bank in Chicago. “There’s not really an upside to waiting.”
So you probably should dive into your tax return without waiting any longer.
Either way, there’s little time left to round up records and research the details of any tax code changes from last year.
Here are some points for end-of-season tax filers to keep in mind:
https://www.contracostatimes.com/business/ci_20393180/last-minute-tax-tips-procrastinators