Tax deadline: Common questions and tips for last-minute filers

(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 

MoneyWatch Special Report: Tax Season

What if I can't pay the taxes due by the April 15 IRS deadline?

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! 

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