Tax Deadline Hits

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The IRS estimates that about 144 million individual tax returns will be filed today.

Americans were given a two day extention, as the usual deadline, April 15, fell on a Sunday this year. Emancipation Day, a holiday observed in the District of Columbia fell on the Monday following.

Robert Sarikas, Ohio University accounting professor,  said he has always filed his taxes without assistance and believes that filing should be done with a hint of caution.

“When you file your own taxes, you need to make sure that you have all of your forms ready to go and in front of you. For every time that you need to go look for another one or print it out, you can leave space for error,” Sarikas said.

Those who use programs like Turbo Tax are offered a step-by-step instruction guide about how to file their tax returns.

The program costs between $60 and $70 for the deluxe edition, and for an additional cost, users can also file their state taxes with the program as well.

Gary Coombs, associate professor of management at OU,  said he enjoys the simplicity of tax assistance programs.

“I used to do it by hand on the original forms, and there’d be times I’d spend hour after hour and not know if I had the right forms. The advantage of the software is that it is all there, and they continuously update it,” Coombs said.

While many small businesses leave their returns to be filed by accountants, those who want complete control over their tax situation without additional fees are encouraged to do them on their own.

The IRS website offers tax tips and instructions on how to file a return.