With the impending April 15 tax deadline tonight, procrastinators begin their annual mad rush to file their federal income tax before the 11:59 deadline.
"Activity is extremely high," said Marshal Ohman, Jackson Hewitt administrator. "It is an extremely busy period of the year."
Ohman said most people delay on paying their taxes because they are either waiting for information on deductions that they have itemized to come in, or they are trying to avoid paying taxes that they owe.
Although waiting until the last minute to file is a popular tradition, the IRS has already paid $158.2 billion in refunds since April 8, according to IRS statistics.
That is almost a 5 percent increase from the same period last year.
If students are unable to meet the Friday deadline, they can always file an extension with the IRS. An extension, if granted, will extend the usual deadline to August 15.
"An extension is the best way to go," said Ohman. "Not filing on time can lead to penalty fines by the IRS and even interest charges on money already owed."
Physical education sophomore Kate Ballew said that procrastinating about tax returns just comes natural to students.
"My mom generally does it for me but now that I moved out I do it," said Ballew. "I really didn't think about it until lately."
If you're an accounting major, waiting until the last moment is not an option, said TyAnn Jeter.
"I did mine two weeks after I got my W-2," said Jeter. "I don't procrastinate."
Several Memphis post offices are extending their pick up times to accommodate last minute tax filers.
You will still be able to receive an April 15 postmark up until 11:59 p.m. Friday at the airport mail center and at the Memphis main post office on Third Street.
If you do not want to wait in line at the post office, the IRS offers several e-file services on their Website irs.gov and the popular Turbo Tax software by Quicken also offers an online filing method.
Bartlett Accounting and Tax accountant Suz Cance said that students should be careful when filing using computer software.
"I have had clients use Turbo Tax and it told them that they could not deduct education fees when they could," Cance said.
Cance said that confusion on tax laws is one of the big reasons why people choose to use a tax service.
"A lot of times we think to ask you questions you wouldn't normally think of," said Cance. "Our job is to get you the biggest refund you can."
For students who have not filed, the IRS offers several tips for college students when filing their federal return.
The federal government offers the Hope learning credit and the lifetime learning credit as tax deductions for tuition paying students.
Scholarships and fellowships received by students are however considered a taxable form of income by the federal government according to the IRS Website.
Money received for tuition costs, fees, books and equipment can usually be excluded, but scholarship money used for room and board must be included as income earned when filing.
The most important tip to students may be to stop procrastinating and file earlier, said Cance.
"If you're filing now, you are really too late for a maximum return," said Cance.
