Professors advise students on income tax filing as Tax Day approaches

Professors advise students on income tax filing as Tax Day approaches

The IRS considers failure to file a more serious situation than failure to pay, and the penalties are appropriately greater.

Unfortunately, there are many taxpayers who have difficulty in getting their tax refunds after completing their returns formalities. That's important because state and local taxes include not only taxes on things you consume, taxes on things you buy like automobiles or clothing but also on income tax.

This depends on what kind of income you received for the year and whether you owe money or are entitled to a refund.

To apply for an extension in nearly all cases, you must file IRS Form 4868 prior to the April 17th filing date.

As you prepare yourself to file your returns, you need to do ensure that all details are filled in properly so as to help the tax authorities to process your refunds, if any, quickly. For those who use paper to file, Indiana Department of Revenue Commissioner Adam Krupp says their returns must be in the mail by April 17.

"If we're going to collect tax money in this country, we have to do it like grown-ups", said Rep. Matthew Cartwright, D-Pa., who supports the package.

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You've probably heard of the age old IRS phone scam or even been targeted yourself. "If you file by paper it can be upwards of a month and beyond", said California State Controller Betty Yee. The alleged offense varies from a mistake on your previous tax forms that's caused additional charges, to claims that you forgot to file, at some point. Of course, interest continues to accrue indefinitely until the bill is paid.

With the average respondent receiving a tax refund of $3,119.43 (for reference, recent IRS data pegged the national tax refund average at $3,120), this will likely be the largest paycheck many poll participants will receive throughout the entire year.

Based off of our respondents, 64.98 percent of the average tax refund will be used to pay down credit card debt.

If someone else claims you as a dependent, you don't have to file an income tax return if you make less than $6,350 from being someone else's employee and have less than $1,050 in income from investments; the threshold for self-employment also applies here.

To increase the amount of money withheld from your paycheck for taxes, you'll need to reduce the number of "allowances" you claim on the form; to decrease the amount withheld, you'll increase the allowances claimed. But the 16th Amendment didn't institute income tax itself - that was the job of the Revenue Act of 1913, which was signed into law in October of that year.

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