Updated 04/12/2012 10:09 PM
Tax Day is right around the corner
It's that time of year once again: Uncle Sam is waiting for your tax returns. Tax day is a few days later this year, but as YNN's Chris Whalen tells us, it might not be a wise decision to wait until the last minute, as time lost could be money lost.
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NEW YORK STATE -- It's a taxing process, but it comes every year: The day to send in income filings for the previous year and before you drop them in the mail, be sure to consider all forms of income.
"Wages, gambling winnings, some people get alimony, taxable, not child support, but alimony is, all your interest in dividends," said Wendy Loomis of Loomis Tax Service.
Loomis has seen a constant flow of clients in her Town of Dickinson tax service and says even more have come through the door this year.
"We have a lot more clients flood issues and they take a lot of work, because we have extensive reporting to a casualty loss," Loomis said.
September's flood added a whole new element to many people's taxes and has set them back, leaving little time to file their returns.
But there is good news for flood victims and anyone else who feels like this year's deadline, April 17th is approaching too quickly.
"Going on extension so that we're not frazzled and can take our time is sometimes the thing I suggest," Loomis said.
There is no penalty for an extension, as long as it is filed by Tax Day and if you feel like you're under pressure to meet that deadline with your return, Loomis says it's better to be safe than sorry.
"Better to go on extension and be able to spend some time with the preparer putting it together than trying to rush into something right now and maybe forget something or have the wrong information because it costs money in the end to amend a return that has been filed incorrectly," Loomis said.
For those considering an extension, it gives you an extra six months to file, the deadline for extended returns is October 15th, but remember, you have to file for an extension by April 17th if you want that extra time.