Deadline looms for tax filing

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Deadline looms for tax filing

By EVAN WHITE

Story Created: Apr 14, 2008 at 11:43 AM EDT

Story Updated: Apr 14, 2008 at 5:52 PM EDT

Income taxes have to be filed by Tuesday night, but many are waiting until the last minute to file. Why should you make it a priority if it hasn't already been done?

If you have not filed, there is still time. But the longer you wait, the more problems you could face this year because of the economic stimulus rebates that are available to many.

The rebates range from $300 to $600 and up to $1,200 for married couples. But if you don't file by Tuesday's deadline, you will be waiting longer to receive the rebate.

Aside from rebates, if you do not owe any money to the government and you wait, nothing will happen. But if you do owe, there are stiff penalties in place if you are late sending in returns and checks.

"Typically around 5%," said Amy Lawlor, owner of Liberty Tax Service in New Hartford. "There is also interest on top of that, so it could be a hefty fine."

For more information on filing income taxes and the economic stimulus rebates, take a look at the following website:

www.irs.gov

www.tax/state.ny.us

www.1040now.net

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