Are You Running to the Post Office Right Now? - Tips for All You
Last Minute Tax Filers on April 15
Tax Tips - http://www.tax-definition.or
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The preparation that goes into filing taxes becomes more ardent
as April 15 comes closer. According to the Internal Revenue
Services (IRS), the last day for filing your taxes is April 15.
Most of people who lag behind the schedule because of various
reasons have to pay a penalty for filing their returns late.
If you're one of those who remember on April 14 that you have
to file taxes the next day, then, understanding the minute
instructions, putting all the receipts and documents together
becomes very difficult.
According to some people it is better to file the taxes late and
pay a penalty than filing it with errors on the last day (you
have to talk to your own tax advisor on this comment). Yet,
there are ways in which the long lines at the Post Office can be
tolerated on the last day.
The lines at the post office are huge and they get bigger by
midnight. But before you line up in front of the post office,
you need to have the appropriate form to file a return. The
federal tax forms are available at all the IRS local offices,
the IRS website, and you can also call up the IRS at
1-800-TAX-FORM.
There are things other than just filing your return by standing
in the post office lines. Taking a print out of your return that
you are about to file also takes a lot of time. So, make sure
that you have enough time at your hands before standing in that
awful line.
Many taxpayers today go online to file their returns (e-file),
as it is a comparatively easier and securer method to file taxes
by sitting in the comforts of your home (e-filing - http://www.tax-defi
nition.org/e-filing ). Filing your returns online is
recommended by a number of taxpayers.
The IRS is expecting more than 84 million individual income tax
returns out of which more 50 million returns are expected to be
filed online. For filing you taxes online you can log on the IRS
website.
Try to avoid some common errors that people are prone to make
due to the rush. Some of the errors and mistakes that top the
IRS list include:
- Forgetting to include the W-2 with the return.
- Reversing the envelopes for federal return and state return.
Putting the documents for one in the other envelope and vice
versa.
- Forgetting to sign your return.
- Filling incorrect information like your wrong Social Security
Number (SSN), and other things.
- Excluding the deductions that you get on the Lifetime Learning
credits, Hope scholarship credits, student loan interests,
adoption, child credits, health insurance premiums for the
self-employed, and higher education expenses.
Your return should always give the amounts that are shown on the
W-2 (wages), 1098 (mortgage interest) and the 1099 (non-employee
compensation such as interest and dividends). If the amounts are
not the same, then, attach an explanation.
A private delivery service, or a certified mail is the best way
in which you can file your taxes through the mail. With
certified mail, you will be able to get the PoD or proof of
delivery.
You should also review filing the Alternative Minimum Tax, or
Form 6251 to avoid any sort of penalties and interests in the
future.
Going to any tax professional, or using tax software can ease
you job so that in spite of the delay you are in a position to
file your returns by the due date - the mighty April 15th!
Tax Tips - http://www.tax-definition.or
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