TAX TIPS: Be pro-active in 2013 - KMSP-TV

TAX TIPS: Be pro-active in 2013

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According to the IRS, 50 million Americans wait until April to start their tax-filing process. The good news is, it's actually okay to file last minute taxes.

Bruce Primeau, a CPA and Wealth Manager joined FOX 9 with some eleventh-hour tax tips.

Heidi Collins: "What if I can't make the April 15 deadline to file my taxes? No sweat right...I just file an extension... ?"

Bruce Primeau: "Absolutely, the IRS gives you six extra months...to do that, that's the reason they let you do that so , feel free."

Heidi Collins: "Why doesn't everybody just file an extension?"

Bruce Primeau: "Why don't they..? Just because they give a six month extension to file your tax return doesn't mean you have an extended time to pay the tax. So if you owe, they're going to charge you interest unless you pay by tomorrow."

Heidi Collins: "Do you think people really plan that well so that they do not have to pay that extra interest?"

Bruce Primeau: "No they are probably running around at the last minute-there's quite a few folks that I'm aware of that do that so.."

Heidi Collins: "Yeah and it probably goes without saying that if you are lucky enough or you've planned in a certain way that you are actually getting a refund-you definitely want to get that paper work done on time because otherwise, they're hanging on to your money."

Bruce Primeau: "Absolutely, it's an interest free loan to the Government, so I'd rather have that interest in my clients pockets and earn it to their benefit."

Heidi Collins: "Some people are saying...we talk about all the issues going on in Washington. If you think you're going to owe a lot on your 2012 taxes-just wait till 2013... What do you say? "

Bruce Primeau: "I would agree.. I'm running tax projections, 2013 tax projections for clients already just because I know they may be paying several percent more. I'd rather them be aware of that now and prepare for it now instead of finding out next April 15th."

Heidi Collins: "But what if it's the same people who are always filing for the extensions?"

Bruce Primeau: "Well I mean you do what you can. I mean as a Financial Advisor and tax preparer. So. "

Heidi Collins: "Last but not least the Minnesota Department of Revenue says Southern Minnesota residents who were affected by spring storms will have an extra few days to file their state income taxes. Ahh..That happens sometimes, the government is forgiving, yes?

Bruce Primeau: "They are more than ready to grant that to folks that are in trouble."

Heidi Collins: "Final words of advice?"

Bruce Primeau: "Don't wait until the end of the year to do tax planning. It seems like folks are constantly doing that I would say be pro-active in 2013 "

Heidi Collins: "Maybe this is the year for those who've been putting it off?"

Bruce Primeau: "I hope so!"

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