Tax preparers expect avalanche of late filers

April 16, 2012 at 12:06a.m.

YOUNGSTOWN

Fear not, the day of April 16.

During most years, today is the day after tax day, but in 2012, Americans have two extra days to file — and pay — their 2011 federal, state and city taxes.

April 15, the normal tax day, fell on a Sunday this year; today is Emancipation Day, a holiday in the District of Columbia.

Local tax preparers expect big turnouts today and Tuesday.

“We’ll stay to the last minute,” said Vince Flask, Warren city councilman and owner of three Liberty Tax Service locations in Warren, Girard and Niles.

Flask, who said the locations will be open through midnight Tuesday, said he expects a big rush because of the later tax date, because many filers take advantage of the additional two days to do their taxes.

“Last time that happened, we saw a big rush,” he said. “But it varies year to year. Some years, it seems there’s people who are piling in and others where everyone has it taken care of.”

Flask said people looking to get their taxes prepared should bring paperwork for any income sources, proof of any expenses that can be deducted and, if possible, a copy of 2010’s tax return.

Ray Shaffer, director of the Lariccia School of Accounting & Finance at Youngstown State University, said there are a few items to note for filers that could impact the magnitude of their tax returns.

For one, Making Work Count, a provision of the American Recovery and Reinvestment Act of 2009, is no longer available.

That provision allowed for a refundable tax credit of up to $400 for working individuals and up to $800 for married taxpayers filing joint returns, according to the Internal Revenue Service.

Secondly, anyone looking to drop off their taxes shortly before midnight on Tuesday won’t get much help from the U.S. Postal Service.

“There’s just no need [for the post office to stay open until midnight] anymore,” said David Van Allen, a post office spokesman. “Seventy-seven percent of all taxes last year were done online.”

Van Allen said some postal centers are designated as Automated Postal Centers and are open 24 hours. Area locations include Boardman, Poland, Austintown and Hermitage, Pa., according to the USPS website.

But for those who are not ready to file, they can elect to file for an extension, which allows for an additional six months to file tax returns.

This does not mean, however, that filers won’t have to pay until the extended Oct. 15 deadline; filers must still estimate their tax liability and pay the amount due.

The extension, known as Form 4846, will however, allow filers to avoid the 5-percent-per-month late-filing penalties, but only if they’ve paid the requisite amount in advance.

“You have to estimate what you think you owe and make a payment with the extension,” Shaffer said.

Most of the 144 million individual tax returns, however, will be filed by April 17, the IRS said.

This year’s tax season will be the final year that tax preparers can remain unregistered.

“If your neighbor does your taxes and screws it up, you’re left holding the bag,” said Flask, who said his preparers are registered. “The industry hasn’t been regulated enough. This is a good thing.”