Rapid Round: Last-minute tax tips

April 16, 2012 7:00:12 AM PDT
Jackson Hewitt Chief Tax Officer Mark Steber shares some tips on how to save money and avoid common mistakes.

- Don't Leave Money on the Table
-File Electronically
- Know What to Bring
- Understand How an Extension Works
-Don't Panic If You Cannot Pay

What are some common mistakes for last-minute filers?
- Choosing the wrong filing status
-Incorrect Social Security numbers and birth dates
-Typos in the mailing address
- Math errors on paper returns
- Incorrect routing and account numbers for direct deposits
- Remember to sign and date the return

If someone owes, what are the options for paying a tax liability?
- Direct debit from checking or savings account
- Check or money order payable to "United States Treasury."
- Credit / debit card
-Installment agreement

What are the documents taxpayers need to prepare a tax return?
- Income records
- Copies of Social Security cards for taxpayers and dependents
- Copy of the prior year tax return
- Mileage logs
- Receipts for charitable contributions
- Education expense receipts
- Child care expense receipts and providers name address and tax I'd number

More than 70 percent of all taxpayers annually file their tax returns electronically. What is e-filing and what are the benefits?
- Faster
- More accurate
- Receipt confirmation

What are some common life changes that can impact a tax return?
- Marriage or divorce
- Having a child
- Getting laid off
- Sending a child to college
- Retiring
- Financially supporting parents