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Tips For People Who Have Not Filed Their Taxes

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By John Ostapkovich

PHILADELPHIA (CBS) – No fooling. The federal tax deadline is looming April 17th. For you late-filers, an expert has advice on what to watch for.

Barbara Weltman, author of the nearly 900 page J.K. Lasser’s Small Business Taxes 2012 guide, says the secret to such an old-school medium as a book is its thoroughness.

“There are many breaks that are available and using software or even a paid preparer is only as good as the information you provide.”

Weltman says 2011 was a year of numerous changes, both in business and personal income taxes.

“There are new forms that you may have to complete if you had any sales of stocks, mutual fund shares. There’s a new form this year to complete a new 8949 that you have to do along with your schedule D.”

If you’re really stuck, Weltman says getting an extension is easy, but pay what you think you owe now, not later.

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