Tax Filing Tips
- U.S. income taxes are due by April 15.tax forms image by Chad McDermott from Fotolia.com
Tax time is a season that many people dread, simply because there are so many things to consider. Planning ahead is always ideal when it comes to filing taxes to ensure there is enough time for everything that tax time entails. A few simple tax-filing tips can go a long way in preparing you for tax time and ensuring that you can properly tackle the paperwork. - Avoid the natural temptation to procrastinate until the last minute when it comes to filing your taxes. If you end up rushing to meet your April 15 filing deadline, you may overlook potential deductions or sources of savings on your taxes. Additionally, rushing increases the risk that you may make an error, so you can do much more harm than good by waiting too long to tackle your tax paperwork.
- The IRS.gov website offers a wealth of information on filing taxes, and this information is updated continually with news, regulation changes and helpful hints and information. When filing taxes, make sure to visit the IRS website at least once to find out about new deductions, tax-law changes and other vital information that may benefit you.
- According to the IRS, the error rate among electronic filing methods is lower. Additionally, filing online typically offers a much faster refund because the refund can come electronically by direct deposit. Tax preparers, commercial software and e-file websites are all viable options for filing your tax return electronically. The IRS also offers a free service known as Free File that allows you to prepare your Federal tax return online.
- If you owe money for your tax return, it is vital that you pay on time to avoid late fees. While you can request an extension for the actual filing, the extension does not work for the amount of money that you owe. Keep this in mind if you extend your tax filing, which can go as long as six months to October 15. If you wait until October to pay taxes, you may find that you owe more than you anticipated.
Avoid Procrastination
Utilize the IRS Website for Advice
File Electronically
Pay on Time
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