Tax Filing Deadline Just One Week Away
By: Karin Caifa, CNN
Updated: April 10, 2012
The clock is ticking, but if you haven't started your federal tax return, experts say don't panic.
"Step back, take a deep breath, sit down at the computer, go online, get it together," says TurboTax Finance Contributor Vera Gibbons. "And then once you're done, just e-file. That's the easiest, most convenient way to actually get through this process."
If you can't get an accountant on the phone this late, tax preparation software is another option, especially to help you catch valuable deductions and credits.
According to Gibbons, "The American Opportunity credit, for education, for tuition, college costs -- that one's worth up to 2500 dollars. And you've got the Child Care credit, that's worth up to 35 percent of your child care costs. So these are the kinds of breaks you want to make sure you're claiming if you're eligible to claim them."
You can file for a six-month extension, but keep in mind that doesn't stop the clock on paying a balance.
"It's an extension to file, not an extension to pay," Gibbons explains. "If you owe the government money, you've got to pay them your best estimate of what you think you owe by April 17th. There's no way around it."
While normally the deadline is April 15, you get two extra days this year because the 15th is a Sunday and Monday is a local holiday in Washington, D.C.
"Step back, take a deep breath, sit down at the computer, go online, get it together," says TurboTax Finance Contributor Vera Gibbons. "And then once you're done, just e-file. That's the easiest, most convenient way to actually get through this process."
If you can't get an accountant on the phone this late, tax preparation software is another option, especially to help you catch valuable deductions and credits.
According to Gibbons, "The American Opportunity credit, for education, for tuition, college costs -- that one's worth up to 2500 dollars. And you've got the Child Care credit, that's worth up to 35 percent of your child care costs. So these are the kinds of breaks you want to make sure you're claiming if you're eligible to claim them."
You can file for a six-month extension, but keep in mind that doesn't stop the clock on paying a balance.
"It's an extension to file, not an extension to pay," Gibbons explains. "If you owe the government money, you've got to pay them your best estimate of what you think you owe by April 17th. There's no way around it."
While normally the deadline is April 15, you get two extra days this year because the 15th is a Sunday and Monday is a local holiday in Washington, D.C.
