E&Y Tips for Maximizing Your Tax Return, Preventing Penalties

Taxpayers seeking to capitalize on their income tax returns should consider opening or adding to an existing retirement account or use their refund to pay down high interest credit card balances, says Greg Rosica, Tax Partner at Ernst & Young. He says taxpayers that filed for an extension have until October 15th and should work toward gathering the appropriate information to help them complete their returns to avoid penalties. Finally, Rosica recommends taxpayers start looking to next year to maximize next years returns.