Did you know your 2013 taxes were paid up on April 18 this year?

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Federal Tax Freedom Day came on April 18 this year. So, what does that all mean? Tax Freedom Day is the day when the nation as a whole has earned enough money to pay its total tax bill for the year combined. It fell five days later than last year because of the fiscal cliff deal that raised federal taxes on individual income and payroll.

So what about your state’s Tax Freedom Day? That varies considerably, due to differing state tax policies. This means higher-income states celebrate Tax Freedom Day later: Connecticut (May 13), New York (May 6), and New Jersey (May 4).

Residents of Mississippi will bear the lowest average tax burden in 2013, with Tax Freedom Day arriving for them on March 29. Also early are Louisiana (March 29) and Tennessee (April 2).

Learn more about Tax Freedom Day at
www.TaxFoundation.org/taxfreedomday.

Tips for Taxpayers Who Missed the April 15 Tax Deadline

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The 2013 tax season came to a close this past Monday. If you didn’t file your 2012 taxes or an extension, the IRS has some advice for you:

File as soon as possible. 
If you owe federal income tax, you should file and pay as soon as you can to minimize any penalty and interest charges. There is no penalty for filing a late return if you are due a refund.

E-file is your best option. 
IRS e-file programs are available through October 15. E-file is the easiest, safest and most accurate way to file. With e-file, you will receive confirmation that the IRS has received your tax return.

Pay as much as you can. 
If you owe tax but can’t pay it all at once, you should pay as much as you can when you file your tax return. Pay the remaining balance due as soon as possible to minimize penalties and interest charges. Also be aware that installment agreements are available.   

Refunds may be waiting. 
If you’re due a refund, you should file as soon as possible. Even if you are not required to file, you may be entitled to a refund. This could apply if you had taxes withheld from your wages, or you qualify for certain tax credits, like the Earned Income Tax Credit.

Call your
nearest location for assistance.

Tax Tip - Extensions

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Time is running out and you may find that you need more time to file. It's important to remember that by filing an extension, you can generally postpone filing your return until October 15, 2013, however, you do not get an any additional time to pay any amount you may owe the IRS. If you do not pay the tax due by April 15, 2013, or at least 90 percent of the estimated tax due, you will accrue penalty and interest charges.

To file for an extension, you will need to complete IRS Form 4868,
Application for Automatic Extension of Time To File U.S. Individual Income Tax Return, which gives you an automatic six-month extension. As always, we are available to assist you.

Tips for the Last-Minute Filer

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It’s April now and you’re running out of time to get your taxes done. If you still haven't filed, here are some tips to help you before the April 15 deadline.

Give yourself a deadline (preferably not the 15th). Mark it on your calendar and stick to it. 

Once you've set a date, make sure you have all of the documents you will need to file such as your W-2s, any 1099s and records of any deductions such as tuition and fees for yourself, spouse and dependents, mortgage interest and real estate taxes, charitable contributions, and medical expenses.  If you’re unsure of what to bring, you can use a copy of last year's tax return to help get your records together.  Checklists are also a great way to jog your memory and tax time and help you get organized. 

Make sure you’re aware of any
life changes that may have taken place over the past year that may drive new tax benefits, such as getting married, divorced or adopting a child/children.

When you're ready to file, make sure to E-file (electronically file). It's faster, safer and more accurate. 

If you're planning to file an extension because you might owe taxes, you should know that an extension only extends the deadline for the forms to be filed. It is not an extension to pay your any taxes you owe.
 

If you've already filed and think that you may have missed something, locate your nearest Jackson Hewitt office and we’ll review it for you. If we find additional deductions or credits, then you still have time to file an amendment. You can even go back as many as three years to fix your tax returns and add an overlooked benefit, deduction or tax credit you left off.