Last minute tax trends and tips

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.
Data pix.

HUNTSVILLE, Ala. (WHNT) - Tax time, it's in the air.

Everyone knows the deadline, right?

It's April 15th, just in case you didn't know. But everyone always waits until the last-minute.

"The last-minute rush we see every year is when we see people rush to get their assets together, their W-2, their 1099, get those to their tax preparer or if they're doing it themselves," said Don Cloud, president of Cloud Financial in Huntsville, where financial planners work yearlong to create tax plans to make Uncle Sam season a bit less traumatic.

Yet and still -- we wait. In fact, the good folks at the Internal Revenue Service (IRS) say a quarter of us wait until the last two weeks to prepare our tax returns. Then, you have two options, hurry up and file, or get an extension, but be careful with those.

"Even though it gives you extended time to file your taxes, it does not give you extra time to pay your taxes," explained Cloud.

So interest and penalties might come with that extra time.

Filing date has no effect on your refund, but over 70% of early filers get refunds while most late filers end up owing. Here are some tips for yearlong planning.

"Number one, stay organized, number 2 prepare, number 3, don't forget those little things you can take as a deduction."

Including interest on student loans or a mortgage, and even that money you gave to goodwill. It can all pay off later.

Trending Stories