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This Wednesday (April 15th) is the deadline for filing your federal income tax return with the Internal Revenue Service (IRS). That means many in our nation of procrastinators are still getting their tax returns together so they can file just in time. With that in mind, the IRS is offering some helpful last-minute advice for taxpayers:
File and Pay On Time. The IRS says: "Taxpayers who owe taxes and don’t file their tax return by the deadline may face interest on the unpaid taxes and a failure-to-file penalty. Interest and penalties add to the total amount a taxpayer owes. Filing by the deadline allows taxpayers to avoid the failure-to-file penalty, even if they can’t pay all or some of their taxes by the deadline."
File Electronically. The IRS says: "Taxpayers can take advantage of e-filing, which is fast, accurate and easy. Most available tax preparation programs check for errors and necessary information, increasing the accuracy of the return and reducing the need for correspondence with the IRS to clarify errors or omissions." Learn more: IRS E-File.
Use IRS Free File. The IRS says: "Free electronic filing from nearly 20 companies is available to taxpayers whose 2008 adjusted gross income was $56,000 or less." Learn more: IRS Free File.
Choose Direct Deposit. The IRS says: "Whether filing electronically or on paper, taxpayers can opt to have their federal tax refund deposited directly into their bank account. Taxpayers who choose direct deposit will get their refunds faster than those who receive a paper check."
Request an Extension of Time to File. The IRS says: "Taxpayers who can't meet the deadline to file their tax return can get an automatic six-month extension of time to file from the IRS by filing Form 4868, Automatic Extension of Time to File, but they must submit the request by April 15." Learn more: Need More Time? How to File and Extension.