Tools

Last Minute Tax Tips

By Heather Mathis
By hmathis@wbbjtv.com

JACKSON Tenn.- Tax day, which is April 15 at Midnight, is right around the corner, and professionals said there is still time for last minute filers.

Tax preparer, Micheal Adkisson, said many taxpayers wait because they are afraid of not being able to pay their taxes. Adkisson tells WBBJ 7 Eyewitness News you can file an extension, but you still have to pay 90 percent of your balance by April 15.

"With the IRS, they do have options. They can work out a payment installment plan, but it is just imperative they set that up before the April 15 tax filing deadline," said Adkisson.

Also, last minute taxpayers could miss out on money. "A lot of times people over look a deduction or something that they aren't aware of."

Tax professionals said higher education costs like textbooks can be deducted, and certain job hunting expenses. If you had a large amount of medical expenses, you might be able to deduct those too.

Adkisson said if you are feeling overwhelmed and need advice get help. "I would tell them reach out, see a professional, and don't wait."
This content requires the latest Adobe Flash Player and a browser with JavaScript enabled. Click here for a free download of the latest Adobe Flash Player.