Tax errors could be costly

BIRMINGHAM, Ala. (WIAT) — It’s crunch time for taxpayers who still haven’t filed a tax return. That last-minute sprint to finish can sometimes lead to costly mistakes. Using the wrong filing status could result in a return being rejected, or a delayed refund.

If a math mistake means you underpay the IRS you’ll owe the additional amount, plus any interest since the due date for that return.

Interest starts to pile up after the April 15th deadline, whether an extension is filed or not. If you’re not ready to file, and think you’re going to owe money, at least file the appropriate paperwork and try to estimate what you owe.

Copyright 2014 WIAT-CBS42

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