Tax Season on Target

With the tax filing season in its final two weeks, the Internal Revenue Service has received over half the 113 million returns it expects this year. As of March 29, over 60.7 million returns had been filed, one percent more than at the same time last year. Electronic filing was up 80 percent, with nearly 6.8 million returns filed. Over 40.6 million refunds have gone out, worth $36.5 billion -- an average of $899.

Taxpayers who need more time to do their tax returns may get a four-month automatic extension by filing Form 4868 and paying any expected balance due by the usual deadline. Interest will be charged on any overdue amount and a late payment penalty will apply if less than 90 percent of the tax is paid by April 15.

Operation Desert Storm support personnel need not file Form 4868 to get an extension. Those who were in the Persian Gulf on January 1 have 285 days from the date they leave the combat zone to file their returns and pay any taxes owed. For details, get the new IRS Publication 945, "Tax Information for Those Affected by Operation Desert Storm", by calling, toll-free, 1-800-TAX-FORM (1-800-829-3676).

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