Tax Deadline Nears…Are You Ready?
Taxes are due next Tuesday which means procrastinators still have some time left to figure out if they can get a bigger refund. Every year thousands of Idahoans rush to file their taxes to meet the deadline. This year it’s on April 17. The Idaho State Tax Commission reports that nearly half of individual tax returns have yet to be filed. Tax preparer Tom Brown says you might want to watch out for a couple things that often get overlooked when doing your taxes. First off, he says there’s a credit a lot of people don’t know about, called the saver’s credit. That’s where some taxpayers in the lower income brackets have the ability, even if they are putting money into a Roth IRA, to get a credit for those deposits. Another tax tip: if you’re a parent or someone who’s made a donation to a school or youth organization, you can check if you qualify for a credit that could save you up to $300. Alternative energy credits have been reduced over the last year, but if you’ve had to buy an energy saving appliance around the home, you could still put that down as credit. Things that qualify include furnaces or a new water heater. Brown says if you don’t have enough time to file your tax return, make sure you still pay your taxes on April 17, because if you don’t you’ll face interest charges on the amount owed. If you made less than $57,000 in 2011, you can file your return for free using the IRS website.