Cyber Tax Day
The Second Annual Cyber Tax Day is April 18th, 2011.
Last year, nearly 100 million taxpayers (or 98,740,000) submitted their individual tax returns electronically via the IRS e-file, an increase of 3.4 percent. Over 34 million taxpayers (or 34,847,000) prepared and submitted their tax returns electronically, an increase of 8.2 percent. As a result, Tax Day, or the deadline to file tax returns, has now become Cyber Tax Day. On the second annual Cyber Tax Day, the IRS says that 7 out of 10 people are filing their taxes using IRS e-file, up from 2 out of 3 people last year.
According to the National Retail Federation (NRF), 57.6 percent of taxpayers will file their taxes online, up from 54.4 percent last year and just 50.1 percent in 2007. 35.2 percent will prepare their taxes using computer software, 21.5 percent will use an accountant, 19.3 percent will use a tax preparation service, 10.9 percent will have a friend, spouse or other relative prepare their taxes for them and 13.2 percent will prepare their taxes by hand.
Stay tuned for Tax Day Freebies from your favorite restaurants and online stores.
Last-Minute Tax Tips for Procrastinators:
* Go online. Taxpayers can go online to prepare and e-file taxes up to the 11:59pm local time.
* Even procrastinators can save money on their taxes. For example, taxpayers have up until the April 18 deadline to contribute to an IRA.
* Don’t forget charitable contributions made in 2010. Even mileage to and from volunteering is deductible.
* E-file. Taxpayers can avoid the long lines at the post office and can get their refund back in as little as 8 days with direct deposit.
* Learn what tax breaks are disappearing. Better catch them before April 18.
* Need more time? Taxpayers will get an extra 6 months to file (to Oct. 18, 2011). But remember…an extension to file is NOT an extension to pay taxes.