Less than 20 percent of Kentucky taxpayers must make a tax payment when they file their federal returns. I-R-S spokesman Luis Garcia says it’s not the people owing more money who wait until the last minute to file. “Well, every year we have people say well of course everyone is waiting until the last minute because they owe…that’s not the case..you would that most of the late filers are people who owe and it’s the opposite…it’s people who are getting a refund,” said Garcia.
As Kentuckians file their tax returns, many who are eligible for a federal tax break fail to take advantage of it. Garcia says they often overlook the Earned Income Tax Credit.
“Last year we had about one in five or 20 percent of Kentucky residents leave the earned income tax credit on the table..and it belongs back in Kentucky..but you’ve got to claim it,” added Garcia.
Thanks to a civil rights holiday in Washington D-C, taxpayers have until midnight tomorrow (Tuesday) to file their returns. They can ask for an extension, but, Garcia says they still need to estimate the taxes owed.
“And if things have pretty much stayed the same from the previous year, you’ll want to send us what you sent us last year…maybe pad it a little bit so you’re not the debt amount,” said Garcia.
Kentucky taxpayers who survived the March 2nd tornados have been granted a reprieve. Their federal and state tax returns are not due until May 31st.