Last minute tax tips

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Posted: Sunday, April 14, 2013 2:14 pm | Updated: 2:19 pm, Sun Apr 14, 2013.

SARASOTA--For Alisscia Fox, the end can't come soon enough.

"I'm very happy, but I have to be here for the next twenty-four hours."

As a tax professional with Liberty Tax, she's in the last hurrah of the 2012 tax season.

"You have your people that come in early and it kind of dies down in March and then you have the last-minuters."

And she'll be seeing those last-minuters for the next twenty-four hours straight.

"They're panicky," said Fox, "they're scared they're going to owe, they're like 'oh I've been meaning to get in here but I haven't had the time' so...it's just panic."

But fox says even if you are filing at the eleventh hour, it doesn't have to be a terrifying process.

She says stay organized and make sure all your tax materials are in order.

"Bring everything," said Fox, "except the kitchen sink."

That includes W-2's, itemized tax lists, and for business owners, an up-to-date list of expenses, in order to qualify for certain deductions. And she adds while you may have waited, the IRS sure won't.

"If you do owe the IRS, they want that check cut on the 15th," said Fox.

After that deadline passes, the penalties and interest will start to pile up.

"If you only owe five hundred dollars, the five hundred dollars can snowball into fifteen hundred in very little time."

Keep in mind, a tax extension is one more option on the table for last minute filers. But again, you need to have all your information ready.

"You can still come in an apply for an extension, that's a very simply process, but you do need to know what your filing says it's going to be, if you have any dependents you will need to know they're social security numbers," said Fox.

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