Last Minute Tips for Filing your Taxes

Published 04/14 2014 05:27PM

Updated 04/14 2014 05:29PM

Taxes are due tomorrow, your last chance this year to file for a refund from the government. And there's some wiggle room for a few procrastinators.

If you are positive, you will be owed a refund. And you will not get in trouble with the IRS if you miss tomorrow's filing deadline.

But waiting past the deadline may be a gamble. If you actually owe money, you will be faced with fines for both failing to file on time and failing to pay on time. One of the those penalties will continue to grow five percent each month after the deadline.

But Evansville City Council President and accountant John Friend says people should not go into panic mode.

"Give it your best shot on what you think you owe," said Friend. "Then go ahead preparing an extension. File money on the extension because that is what they want in the first place is your money. And then set back in and be diligent about pulling together your records. Make sure you have them correct and go. But do not let tomorrow evening go by."

If you are owed a refund you've never collected after three years, it's no longer yours and the IRS can reclaim your refund. The IRS said Americans left a total of $760 million in unclaimed tax refunds in 2011.

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