Here’s a friendly reminder to all procrastinators: today is the deadline for filing your tax return.
“A lot of people panic during this time of year, ” says tax consultant, J.C. Taggart.
“Many people are concerned because they don’t have the money to pay the amount owed, or they just don’t have all of their paperwork together.”
J.C. offers the following last minute tips:
– File if you owe money.
Don’t avoid the April 15th deadline; file your return on time.
“If your don’t file, and you owe money, you will most likely be subject to penalties and interest. This can only add to your tax burden.”
If you are unable to pay the amount you owe, contact the Internal Revenue Service Center to see if you are eligible for a monthly installment plan.
– File a 6-month extension if you need more time to prepare your return.
If you are not able to file your federal individual income tax return by the due date, you may be able to get an automatic 6-month extension of time to file. To do so, you must file Form 4868, (Application for Automatic Extension of Time To File U.S. Individual Income Tax Return) by April 15.
*Please note that filing for an extension of time does not grant any extension of time to pay your tax liability.
– Avoid errors in computations on your return.
“Basic math is one of the biggest errors, especially for those individuals who are filing a paper return.”
Double-check your math before you file to avoid a delay in the process of your return.
For those who are filing an electronic form, the math computations will be done for you.
– Look for federal tax credits.
Check the Internal Revenue Service’s website to determine if you are eligible for tax credits at http://www.irs.gov/.
Copyright © 2024 EYT Media Group, Inc. All rights reserved. Any copying, redistribution or retransmission of the contents of this service without the express written consent of EYT Media Group, Inc. is expressly prohibited.
