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Apr 12, 2012 5:14 AM by Kate Richards

Tax procrastinators? Here are some tips

Have you filed your 2011 taxes? If you haven't, you are one of the millions. In fact, last year, more than 30 percent of Americans waited until the last week to file.

If you fall into that procrastinator category, here are some tips:

Make sure you take advantage of all the breaks you can. A deduction will reduce the amount of income that will be taxed. A credit, will cut your tax bill down dollar for dollar.

A TurboTax correspondent says every year, people miss out on billions of dollars in credits and deductions.

If you miss them, you can file an amended return, but the experts at TurboTax say it easier to just get it right the first time. Staying organized while you work on them can help with that problems.

If you end up owing money, work with the government to set up an installment plan.

"That's the best way to go instead of paying for everything on your credit card because it is going to be based on your income and not based on how much you actually owe," says Vera Gibbons, of TurboTax.

Or, have your employer pull more money out ever paycheck to help cut down your tax bill. But, if you overpay, that money will go towards next year; no refund there.

Three out of four Americans will be getting a refund this year though. And the average is almost $3,000!

Remember, if you haven't filed, they must be mailed by Tuesday, April 17.

 

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