Last-minute-tax-filing-tips
By Rich Chappo
Preparing tax returns is not exactly fun stuff. Many leave the joyful task to the last minute. Well, the last minute is about here. Here are some tips to handle your taxes.

This year, you need not fear the fifteenth. Instead, the seventeenth is the day of loathing. Why? Well, the traditional filing deadline falls on a Saturday, which means the filing date is bumped to the following Monday. Two whole extra days!

Many people prefer not to rush when preparing taxes. After all, an error can cost you a lot of money. You can get an automatic extension to file your taxes by filing form 4868.

The good news for extension filers is two fold. First, the extension is granted automatically. Second, the period has been extended from three months to six months. This longer period, however, also means the IRS is unlike to grant a second extension.

Taxpayers often misunderstand tax filing extensions. The extension only applies to the actual filing of the tax return. Unfortunately, it does not require to the payment of money. The IRS wants its cash now, so you need to pay something if you think you will owe.

One of the truly wonderful things about tax time is a catch-22 that can occur. You go ahead and get your return prepared and ready to be filed. Unfortunately, you realize you owe more than you can pay. Now what?

The steps taken by most people is, well, to take no steps at all. They simply don’t file in hopes that they can do so later when they have the cash to pay. This is not the best of ideas.

A better option is to go ahead and file the tax

return. You should also send in what you can for payment. The IRS will then send you a notice that you have underpaid. You can then request a payment plan by going to the IRS website.

Filing even if you can’t pay is smart for a few reasons. First, you don’t send up red at the IRS. Second, you will ultimately pay less then not filing. You will still pay penalties and interest on what you owe, but the amount will be less because you made at least a partial payment.

Assuming you are ready to file and have the money, how do you go about actually making payment? Most just send in a check made out to the United States Treasury. The IRS now also allows credit card payments. Visit the agency online to find an approved vendor.

Many people are happy to learn they are actually due a refund on their taxes. If you fall into this group, you might want to know when the heavenly money will be coming. Visit the site for the IRS and follow the link on the home page.

Much like taking the trash out, taxes are just something you have to deal with. The deadline is almost upon us. Whatever you do, make sure you do something.

Article Source: http://www.upublish.info

About the Author:
Rich Chappo
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