Tax Day Is Fast Approaching. Some Tips from the IRS

Kimberly Watson, Editor in Chief
April 03, 2012 /

The annual tax-filing deadline is April 17, therefore diarise that you have until that date to file your State and Federal taxes. To help you get started your friendly IRS have compiled the following list of tips!

1. Ensure not to leave filing your taxes until the last minute. If you complete it in a hurry, you are liable to forget inserting important items with the risk of errors.

2. Visit the IRS website, ‘1040 Central’ on www.irs.gov. Here there are answers to questions on e filing, tax credits, scam alerts. There is also help on how to choose a tax preparer and other relevant topics.

3. Make use of e filing to file your return. More than eighty per cent of taxpayers last year used this method of filing their State and Federal tax returns.

If you earn less than $57,000, the IRS offers you ‘Free File’ no cost options. Those earners with higher incomes and who like to prepare their own tax returns can also make use of the ‘Free File Fillable Forms’. They are an electronic version of the IRS paper forms.

4. If you are unable to fill out your IRS return on time, make an application for an automatic extension period, valid until October 15. Make a note that you will still eligible to pay at least ninety per cent of what you owe, failing which you will be subject to late-payment penalties.

5. If you are unable to pay the full tax amount due by the April deadline, then, consider paying partial payments. However, notify the IRS as son as you can.

Although the IRS does allow taxpayers set up instalment plans, interest is charged. However, this would be preferred to having to pay penalties for Non-payment.

6. There are many community sites to help you so complete the free tax filing for low-income taxpayers and for seniors, there is also support for those who need multiple language help.

7. Be aware and alert for preparers who claim they can get you a larger return than others can. Furthermore, never sign a blank return for filling out by a tax preparer.

8. Waiting for a refund? Be patient. The IRS is experiencing some refund delays. This is due partly because of ramped-up efforts for the detection of identity fraud involving phone refund claims.

Generally, those who e-file and request a direct deposit are able to receive their IRS refund in 10-21 days. Paper returns usually take slightly longer for the refund by mail.

9. Take a Deep Breath and Relax. The help you need is out there!

 

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