(CBS News) According to the Internal Revenue Service, 50 million Americans wait until April to start their tax-filing process. With the April 15 filing deadline looming just three days away, Bob Meighan -- a lead CPA for the American Tax and Financial Center at TurboTax and the VP of consumer advocacy for TurboTax -- joined "CBS this Morning" on Friday to share answers to common last-minute filing questions. Watch the interview above and find more tips below.
What if I can't make the April 15 IRS deadline to file my taxes?
- File an extension request, IRS Form 4868 -- this can be done on the IRS website or through tax preparation sites and is a six-month extension of time to file
- Remember, an extension of time to file is NOT an extension of time to pay the taxes due
What if I can't pay the taxes due by the April 15 IRS deadline?
- File and pay what you can
- Then, apply for an installment agreement on the IRS website -- an installment agreement can be arranged for monthly payments for up to six years
What should I do with my tax refund?
- 90 percent of all refunds are received within 20 days of filing and the average refund is around $2,800
- Use it wisely: Pay down debt, purchase everyday items, invest in a rainy day, college, or retirement fund
What deductions should should I file for? While deductions vary for every individual, don't overlook valuable deductions made last year. Deductions can include:
- Clothing and furniture donations
- Mileage for volunteer work
- Student loan interest, for parents and students
- Day care and summer camp expenses (this is only a write-off for working parents)
How do I avoid common tax filing mistakes?
- File electronically: E-filed returns are 20 times more likely to be accurate than manually prepared returns, according to the IRS
- Double-check your work!