Only Four Days Left and Counting; Texas CPAs Offer Timely Answers to Last-Minute Tax Questions

DALLAS, April 11 /PRNewswire/ -- If you're one of the thousands of Texans who wait until April 14th to complete their tax returns, the Texas Society of Certified Public Accountants (TSCPA) is ready to help you with the answers to five common last-minute tax questions.

In addition, Texas CPAs have compiled an online list of other frequently asked tax questions and their answers. The FAQs are posted on http://www.ValueYourMoney.org , and taxpayers will find answers on everything from the new sales tax deduction to the earned income tax credit to checking the status of their refunds.

Also posted on http://www.ValueYourMoney.org are answers to common military tax questions. Military personnel often have special tax situations, and they can check the online FAQs for tax advice relevant to them.

1) I just completed my tax return but don't have enough money to send to
the IRS. Should I file for an extension?

An extension provides more time to file your tax return -- not more
time to pay your taxes. In fact, with an extension, the IRS expects
you to estimate your tax bill and pay it by check, money order or
credit card.

What if you don't have enough money to pay the estimated taxes? As
long as you submit your extension on time and make a good faith
estimate of your tax liability, the IRS will not assess a late-filing
penalty. However, they will charge you interest on the unpaid balance
and assess a late-payment penalty of 1/2 of 1 percent of the unpaid
tax per month up to a maximum of 25 percent.

2) How do I get an extension to file my tax return?

All you need to do is file Form 4868 to obtain an automatic four-month
extension. This will eliminate any late-filing penalties, but you
will still need to include any taxes you owe.

3) What documents should be included with my tax form?

Generally, the only forms that need to be attached are your W-2 and
certain 1099 forms.

4) I found a mistake on one of my W-2s and haven't received a corrected
one yet. What should I do?

You have two choices. Either pay the amount of tax that is due and
file for an extension or file your return and send an amended return
later with an explanation.

5) I don't want to have any errors on my tax return. What are some
common mistakes?

A missing or incorrect Social Security number is one of the most
common errors taxpayers make. Be sure to list the correct Social
Security number for yourself, your spouse, and any dependents.

Double-check to be certain the amounts listed on all 1099 forms and
W-2 statements match with those listed on your tax return.

Use the correct filing status and tax tables when calculating your
taxes.

Finally, check your math. Simple addition and subtraction errors are
very common on tax returns. Other common mistakes include transposing
numbers and adding instead of subtracting and vice versa. Always
double-check the numbers to ensure your accuracy.

For additional tax tips, visit http://www.ValueYourMoney.org . While there, sign up to receive a free monthly e-newsletter with personal finance and tax tips from Texas CPAs.

ABOUT TSCPA

TSCPA (http://www.tscpa.org/ ) is a nonprofit, voluntary, professional organization representing Texas CPAs. The society has 20 local chapters statewide and has 27,000 members, one of the largest in-state memberships of any state CPA society in the United States. TSCPA is committed to serving the public interest with programs that advance the highest standards of ethics and practice within the CPA profession.