As the deadline to file federal and state tax returns approaches, tax preparers and last-minute filers across the country scramble to process thousands of returns before midnight.
Christine Morton, a district spokesperson for H&R Block, a national financial institution, said the company's more than 25 Albuquerque locations have been inundated with a flood of last-minute filing requests. She said tonight's deadline only applies to people who owe the government money. Otherwise, people have three years from the day their W2 forms were issued to collect refunds, she said.
The IRS expects more than 30 million tax-return submissions by the end of April, and 10 million are expected by the end of 2004.
Morton said even if the benefits seem negligible, it is wise to file for a tax return. There are a number of tax credits, she said, including the earned-income, child, low-income, saver's and senior citizen's tax credits that are only awarded to people who file for a return.
The four-month filing extension remains an attractive option for busy people and procrastinators.
"If you can't get your stuff in a row, the government understands that people have lives," Morton said.
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Even with an extension, she added, those who owe still have to pay 90 percent of their bill by tonight's deadline. Late filers face penalties and small, though daily, compound interest, she said.
Morton said part of the reason people turn to tax preparers instead of filling out the forms themselves is because of disorienting and constantly shifting tax laws.
"You can study taxes for your entire life," she said. "But by the time you learn the 440 law changes this year, they change another two, three, 400 (more)."
In cooperation with the Internal Revenue Service's Volunteer Income Tax Assistance program, TVI's Tax Help NM provides free tax return filing at seven Albuquerque locations for people who earned under $35,000.
According to the VITA Web site, in recent years VITA volunteers have processed more than 2 million returns at over 9,000 sites nationally - 700,000 of which were processed online. Staff at Tax Help New Mexico's TVI branch said today from 12 p.m. to 12 a.m. they expect hundreds of people to flood the seven volunteer tax preparers on the first floor of Smith Brasher Hall. The wait could exceed three hours.
Matthew Rush, a volunteer with VITA's TVI branch, said he has processed more than 50 tax returns and expects to be swamped well into the night. Like many volunteers, Rush is awarded school credit for his work with VITA. Volunteers primarily come from accounting and business administration programs, but anyone can volunteer.
Last year, volunteers at VITA's New Mexico branches prepared a record 9,637 returns, generating over $9 million in refunds, according to the Web site. This year the set goal was 10,000 returns.
