Up to the Minute..
April 13, 2012
Filing Deadline Approaching; 1M Plus Returns already Received
With the April 17 income tax filing deadline approaching quickly, the Oklahoma Tax Commission has received more than 1.2 million returns. Seventy-seven percent of those returns have been electronically filed, an increase of four percent from the previous year.
“Each year we see more and more Oklahomans taking advantage of e-filing their returns,” said Paula Ross, Oklahoma Tax Commission spokesperson. “E-filing is a quick, safe and secure alternative for taxpayers wanting to receive their refund rapidly.”
As the filing deadline approaches taxpayers should make note of these tips to ensure that accurate information is listed on their returns when they file.
Check and recheck numbers entered on the return. This includes social security, address, wage and monetary figures, and any banking account numbers used for direct deposit.
Additional time needed? Taxpayers who need additional time to prepare and file an Oklahoma return, the OTC extension form is the Form 504. If a refund is expected from the Oklahoma return, and the taxpayer already has a valid Federal extension, then the OTC will automatically honor the Federal extension. If a taxpayer owes, then 90% of the Oklahoma liability will need to be paid on or before April 17 otherwise the taxpayer could be subject to an underpayment penalty.
Should a taxpayer find that they owe, and are unable to pay in full, the most important thing to remember is to file the return on time. Taxpayers will receive a bill for any unpaid taxes, along with penalty and interest that may be due.
“Overall we have had a successful season,” Ross stated. “We launched a new debit card program, allowing taxpayers choose the option of receiving their refunds either by opting to have their refund directly deposited into their bank account, or by a debit card.”
So far this year approximately 25% of the filers have elected to receive a debit card. Overall the refund average has been $367.18.
More information on filing income tax, including e-filing, debit card information, and answers to your frequently asked questions, can all be found on the OTC website at w ww.tax.ok.gov.
Helpful Link: Electronic Filing Options
Helpful Link: Oklahoma Income Tax Forms
Helpful Link: Oklahoma Form 504: Extension of Time to File
Helpful Link: Oklahoma Tax Refund Debit Card