Whether you love it or hate it, Tax Day is almost here.

“If I’m getting money back, it’s good. If I’m having to pay in, it’s not so good,” H&R Block customer Rex Herring laughed.

  • Taxes due by Tuesday, April 18 
  • Turbo Tax, H&R Block Online popular at home tax programs
  • Click here for eight common mistakes to avoid when filing your taxes

Making the Right Filing Decisions

The process can get confusing. Mae Phipps recently lost her husband to cancer and has had to take over the tax duties.

“So now I’m doing it,” Phipps said.  “It’s a long process, but I’m getting it done.”

Getting organized and selecting the proper filing status are two of the most important things to do.

“A lot of people think filing status and marital status are the same, but they’re not,” H&R Block tax expert Nora Whitehead explained, “because a single person who has children may qualify for the more advantageous filing status of head of household where you get a larger standard deduction.”

DIY Tax Filings

If you like to do it yourself, there are several online programs such as TurboTax and H&R Block Online that make it easier than ever to file at home.

Online programs ask you several questions, just like an agent in person, to help you decide key things like whether to take the standard deduction or itemize.

“Home ownership is the number one thing that triggers the need to itemize, because with homeownership, you have mortgage interest, mortgage insurance premiums and real estate taxes,” Whitehead said. “So, if what you have is more than the standard deduction, then you need to consider itemizing.”

Filing An Extension

If you can’t get your taxes done in time for the deadline, it’s important to file for an extension, so you don’t get hit with a penalty.  But be aware that even if you get an extension, if you owe money, you still have to estimate and pay up to 90 percent of that by the deadline.

“You can call the IRS and set up an installment agreement where you can pay part of it, or you can put it on a credit card, so you have options,” Whitehead said.

On the flipside, there’s no penalty to file late if you’re getting a refund.

“We usually get a refund. That’s a good thing,” Phipps laughed.

Big Mistake

One of the biggest mistakes that some people make is not filing at all. You could miss out on getting money back.

“Some people think that because their income is low and they don’t meet the income filing requirement that they don’t have to file, but when they don’t do that, they’re missing out possible on receiving the earned income credit, that’s designed for lower income taxpayers,” said Whitehead.

Right now, the IRS is sitting on more than a billion dollars for people who didn’t file, but should have. There is still time to get money back for the past few years if you qualify.  This is the last year to claim a refund for the tax year 2013.

Avoiding An Audit

In any case, you want to avoid an audit.

Common triggers for an audit include:

  • A big change in the number of dependents claimed by a head of household from one year to the next
  • When income is either greatly increased or greatly reduced from one year to the next

The best way to avoid mistakes and get a quicker refund is to file electronically. Click here for eight common mistakes to avoid when filing your taxes.

Extra Time to File This Year

Tax Day, April 15, is on a Saturday this year. That means you get a gift from Uncle Sam. The deadline to get your tax return filed is the next official business day, which is Tuesday, April 18, at midnight.  Make good use of that extra time!

And don’t worry if you’re a procrastinator, you’re not alone. One in three Americans waits until April to file.