The Duncan Banner

April 13, 2014

Income tax deadline draws nigh

The Banner Staff
The Duncan Banner

DUNCAN — The IRS has received almost 100 million tax returns so far this year and expects to receive about 35 million more by the April 15 filing deadline, but about 12 million taxpayers will have requested extensions by the filing deadline, giving them an extra six months to file.

The fastest and easiest way to get the extra time is through the Free File link on IRS.gov. Anyone, regardless of income, can use this free service to electronically request an automatic tax-filing extension on Form 4868.

Filing this form gives taxpayers until Oct. 15 to file a return. To get the extension, taxpayers must estimate their tax liability on this form and should also pay any amount due.

In Oklahoma, which has an April 17 state income tax filing deadline,  about 1.2 million returns have been sent in, the state commission said.

 Seventy-seven percent of those returns have been electronically filed, an increase of four percent from the previous year.

“Each year we see more and more Oklahomans taking advantage of e-filing their returns,” said Paula Ross, Oklahoma Tax Commission spokesperson. “E-filing is a quick, safe and secure alternative for taxpayers wanting to receive their refund rapidly.”

   If taxpayers wish to file electronically, they can  log on to the OTC’s website at www.tax.ok.gov and follow the links for electronic filing.  Depending on income limits, some taxpayers may qualify for Free-File.

For taxpayers who need additional time to prepare and file an Oklahoma return, the OTC extension form is the Form 504.  If a refund is expected from the Oklahoma return, and the taxpayer already has a valid federal extension, then the OTC will automatically honor the federal extension. If a taxpayer owes, then 90% of the Oklahoma liability will need to be paid on or before April 17,  otherwise the taxpayer could be subject to an underpayment penalty.

 Should a taxpayer find that they owe, and are unable to pay in full, the most important thing to remember is to file the return on time.  Taxpayers will receive a bill for any unpaid taxes, along with penalty and interest that may be due.

“Overall we have had a successful season,” Ross stated.  “We launched a new debit card program, allowing taxpayers to choose the option of receiving their refunds either by opting to have their refund directly deposited into their bank account, or by a debit card.”

So far this year about 25% of the filers have elected to receive a debit card.  Overall the refund average has been $367.18.

More information on filing income tax, including e-filing, debit card information, and answers to your frequently asked questions, can all be found on the OTC website at ww.tax.ok.gov.