In life, so the saying goes, the only things that are certain are death and taxes. Despite knowing this, there always seems to be a mad scramble to finish tax returns in time for the April 15 deadline each year.
Today marks the last day students can file 2001 federal and state tax returns without filing for an extension or incurring penalties. To be considered on time, tax returns must be postmarked with today’s date.
Students who have put off filing their forms are in good company: The Internal Revenue Service reported earlier this month that there are an estimated 65 million people yet to file returns — almost half of the total 130 million returns they anticipate receiving this year.
“I just put things off until the last minute,” said sophomore Bret Schricker, who said he waited to file until today. “Plus, it’s not exactly a fun thing to do.”
While the Internal Revenue Service may never get everyone to believe that filling out tax forms is fun, it has made several changes in tax laws this year in an attempt to make it easier for taxpayers to file. Students may qualify for a tax rate reduction credit if they did not receive a rebate check from the federal government last year.
The Oregon Department of Revenue has also taken steps to ease the confusion associated with taxes. At www.steps2cash.org, students can follow five steps to see if they’ll be receiving a state refund. For students who don’t owe any money, there’s not much of a penalty for filing taxes late. But in order to receive a refund, a return must be filed.
For federal taxes, most students qualify for the shortest and easiest form, Form 1040EZ. The form is available at any post office, library or IRS office, but for those who have waited until the last minute, federal forms and instructions are available to download from the Internet at www.irs.gov, and Oregon income tax forms and instructions are available at www.dor.state.or.us.
Oregon residents who have taxable incomes of $50,000 or less can file Form 40S for state taxes. Out-of-state students should use Form 40N for any revenue earned in the state of Oregon.
Dianne Thielman, co-owner of local tax preparation service McClure Associates, said students who are not claimed as dependents by their parents and who file independently must file federal tax forms if they earned $7,450 or more. In Oregon, anyone who earned over $4,450 must file, Thielman said.
If their parents claim them as dependents for tax purposes, students should file a tax return if their gross earned income is more than $1,800, Thielman said.
Students who can’t file their taxes by the deadline tonight should file Form 4868, which provides a four-month extension for federal and state taxes. Form 4868 can be filed in paper form, electronically by phone or over the Internet, or by estimating taxes due and paying part or all of that bill electronically with a credit card.
Oregon Department of Revenue and IRS employees will help last-minute tax filers at seven Oregon post offices today. Employees will provide forms and instructions and will answer questions regarding filing a return or an extension.
“We know there are many people who need our help, and we’re glad to assist them in getting their returns filed on time,” revenue department worker Jill Bonney-Hill said in a press statement April 8.
Post offices across Oregon have extended hours and services to help meet the tax-time crunch. Eugene’s Main Post Office, at 520 Willamette St., will offer taxpayer assistance from 5:30 p.m. to 9 p.m., but not during the workday. Window service, where students can have mail weighed and buy postage and envelopes, will remain open until 9 p.m. Mail collections will be available until midnight. Another option is the Gateway Post Office, at 3148 Gateway St., which will be open from 9 a.m. to 9 p.m. today. The last mail collection there will be at midnight. Call 341-3649 for more information.
With such a rush to meet the deadline, plan on seeing a large last-minute turnout.
“I’m not looking forward to it,” Schricker said.