Last-minute taxpayers need not panic over extensions, CPA says

Bill Grady
April 17, 2018 - 5:36 am

Americans' income tax returns need to be filed Tuesday night before midnight, but there is some relief for people who find themselves unprepared.

Peter Newman, host of KMBZ's Moneyline, says it's no big deal to file for an extension.

"That old wive's tale that an extension causes a audit is absolutely ridiculous, it does not," Newman said. "You can do it up to 11 o'clock on the 17th, if you wish."

To file an extension, Newman said taxpayers should look for form 4868 on the IRS website

A lot of people overlook items that can save them some money in taxes, Newman said. Some common deductions include student loan interest, job hunting costs and charitable donations.

Seniors who own their homes can save big, if they know how to file the correct paperwork. Both Kansas and Missouri have money waiting for seniors, even if they haven't paid a dollar in taxes.

The K40H in Kansas is a great homestead credit, Newman said.

"Missouri has a PTC, also available for homeowners and renters," Newman said. 

For those who wondered, the average American taxpayer worked through the first 109 days of 2017 to pay their full tax bills.

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