Don’t Delay… You May Overpay

By Jessica Taloney Reporter

Tax advisors say procrastinators miss valuable deductions. More than two million tax payers overpaid last year. Don’t Delay… You May Overpay

Published: Tue, April 15, 2008 - 6:44 pm Last Updated: Tue, April 15, 2008 - 6:46 pm

Jessica Taloney

Benjamin Franklin said it first: Nothing is certain but death and taxes. Still, April 15th manages to sneak up on a quite a few people.
"I usually file earlier, but I waited until the last minute," said Etta Smith, who was one of dozens of people who rushed into a local tax office looking for help.
Last year, the government collected more than $2 trillion in federal taxes, but tax advisers say procrastinators could have kept some of that money in their pockets by filing earlier.
"It makes it harder at the last minute," said Mary Adams of ABS Taxes on Cottage Hill Road. "They rush, and they miss alot of deductions," said Adams.
According to a government report, more than two million tax payers paid too much in 2006. In fact, the overpayment averaged about $430 per filer.
Smith says she hopes she's not one of them.
"You're trying to make sure you've got everything together and haven't forgotten anything," she said.
The deadline to file a federal income tax return is (today) April 15th. Taxpayers who need an extension must file Form 4868, which provides an automatic six-month extension.
A delay in filing a tax return will also delay payments for the economic stimulus rebate approved by Congress this year.

For a list of most commonly missed deductions click here.