2008 Woodie Awards
Filing early could mean money in the bank
Chelsea Growden
Issue date: 2/1/07 Section: Front Page
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The April 17th deadline to file taxes is rapidly approaching, but why put it off until April when it can be done today?
This year taxes are two days later due to the 15th falling on a Sunday and a holiday for the District of Columbia falling on the following Monday.
Students filing with their parents must meet certain criteria.
"It [filing with parents] depends on if they provide 50 percent of your support, then they cut it off at age 24," Tammy Springston, CPA, a partner at Keller & Miller, said.
Springston said if the return were not complex, it would be possible to file without the assistance of an accountant.
"If they just have wages they could do it themselves, for just a W-2 or interest they could figure it out," Springston said.
Some returns are much more complex than others.
"Anyone who has a business would have a complicated return, or if you have itemized deductions, education or child care," Springton said.
Fines are to be expected for any errors filed during the return process.
"If you file incorrectly, you get fined and it's based on the tax that you owed," Springston said.
Alicia Quint of Quint Accounting Services said incorrect information is the mistake most likely to be made.
"Sometimes people won't get all the information," Quint said. "It's important to wait until you get everything back, also not having correct information. Around here sometimes not having correct social security numbers or having your name the same as is on your birth certificate. These things can wreak havoc."
Not all error-free tax returns result in a tax-return check. This is determined by how much money employers withhold.
"If you don't have enough withheld then you'll end up owing if the employer doesn't withhold enough," Springston said. "However many exemptions [dependants] you have is how much they withhold."
For those interested in doing their own taxes, software is available. For those who would rather pay an accountant, prices will vary on the complexity of the return because of the length of time it will take to complete it.
This year taxes are two days later due to the 15th falling on a Sunday and a holiday for the District of Columbia falling on the following Monday.
Students filing with their parents must meet certain criteria.
"It [filing with parents] depends on if they provide 50 percent of your support, then they cut it off at age 24," Tammy Springston, CPA, a partner at Keller & Miller, said.
Springston said if the return were not complex, it would be possible to file without the assistance of an accountant.
"If they just have wages they could do it themselves, for just a W-2 or interest they could figure it out," Springston said.
Some returns are much more complex than others.
"Anyone who has a business would have a complicated return, or if you have itemized deductions, education or child care," Springton said.
Fines are to be expected for any errors filed during the return process.
"If you file incorrectly, you get fined and it's based on the tax that you owed," Springston said.
Alicia Quint of Quint Accounting Services said incorrect information is the mistake most likely to be made.
"Sometimes people won't get all the information," Quint said. "It's important to wait until you get everything back, also not having correct information. Around here sometimes not having correct social security numbers or having your name the same as is on your birth certificate. These things can wreak havoc."
Not all error-free tax returns result in a tax-return check. This is determined by how much money employers withhold.
"If you don't have enough withheld then you'll end up owing if the employer doesn't withhold enough," Springston said. "However many exemptions [dependants] you have is how much they withhold."
For those interested in doing their own taxes, software is available. For those who would rather pay an accountant, prices will vary on the complexity of the return because of the length of time it will take to complete it.
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