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Posted: 1:22 AM Feb 22, 2012
Tax tips
SHERMAN, TX -- Tax time is right around the corner and experts say if you want to get back what is rightfully yours do not jump the gun before filing your state and federal taxes.
Reporter: Kristen Shanahan Email Address: kristenshanahan@kxii.com |
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SHERMAN, TX -- Tax time is right around the corner and experts say if you want to get back what is rightfully yours do not jump the gun before filing your state and federal taxes.
Professionals say if you are already filed your taxes check them and make sure you did not miss anything.
Tax preparers say there are credits and deductions you can claim that could put more money in your pocket.
Local accountants say it is a good idea to be patient like Tim Bennett, aand wait for all your W-2s to come in before you start filing your taxes.
"I have not filed mine yet. I'm waiting for some more information to come in," Bennett said.
Certified Public Accountant, Joyce Horn says too many people settle for less money than they deserve and that is because they are not aware of all that they can claim.
"People shouldn't be overwhelmed or intimidated by their taxes. You know if they really don't understand them then it's really time to get educated," Horn said.
Horn says hundreds have probably already filed their taxes not knowing they could have claimed things like education, energy and child care credits. Along with deductions like miles driving on the job, property taxes, and interest paid on their home.
She says if you are one of those people who has left something out it is not too late to make a change.
"You have up to three years to file an amended tax return, but you want to wait until the original return is processed and you have your return before you try amending it," Horn said.
Horn says if you do have to amend your taxes it is important to make sure you have a copy of your tax return, but she says the most important thing to remember is do not forget to file your taxes. If you do the IRS is going to come after you.
"They are pretty forgiving if you do it and you owe and you can't pay. They'll penalize you less for not paying, but if you just don't file it and you owe the filing penalties can be substantial," Horn said.
Horn says if you have any questions regarding your taxes you can talk to a professional or visit the IRS website at www.irs.gov.
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