Tax Day Tips - Today is ‘tax day’ or the last day to finish your taxes before the midnight April 17th submission which means you might want to consider some last minute tax tips.
Hopefully you’re pretty much done with the bulk of your return. If not, I strongly recommend filing for an extension. It’s better to hand something in that is accurate and won’t get you audited rather than a rushed return. With an extension you can also hire an accountant and make sure everything is entirely up to snuff.
Tax Day Tips
However, if you think you’re pretty much ready to submit your return, it’s time to put those old standardized test skills back to use. That is to say: double check your work!
- Go over your math!
- Make sure everything is signed.
- Re-read the fine print.
Here are some last minute tips from the IRS website:
1. File electronically. The IRS has processed more than 1 billion individual tax returns safely and securely since the nationwide debut of electronic filing in 1990.
2. Check the identification numbers Carefully check identification numbers — usually Social Security numbers — for each person listed.
3. Double-check your figures If you are filing a paper return, double-check that you have correctly figured the refund or balance due.
4. Check the tax tables If you e-file, the software will do this for you. If you are using Free File Fillable Forms or a paper return, double-check that you used the right figure from the tax table for your filing status.
5. Sign your form You must sign and date your return. Both spouses must sign a joint return, even if only one had income. Anyone paid to prepare a return must also sign it and enter their Preparer Tax Identification Number.
6. Send your return to the right address If you are mailing a return, find the correct mailing address at www.irs.gov. Click the Individuals tab and the “Where to File” link under IRS Resources on the left side.
7. Pay electronically Electronic payment options are convenient, safe and secure methods for paying taxes. You can authorize an electronic funds withdrawal, or use a credit or a debit card. For more information on electronic payment options, visit www.irs.gov.
8. Follow instructions when mailing a payment People sending a payment should make the check payable to the “United States Treasury” and should enclose it with, but not attach it to, the tax return or the Form 1040-V, Payment Voucher, if used. The check should include the Social Security number of the person listed first on the return, daytime phone number, the tax year and the type of form filed.
9. File or request an extension to file on time By the April 17 due date, you should either file a return or request an extension of time to file. Remember, the extension of time to file is not an extension of time to pay.
Related: Strange Tax Deductions
Tax Day Tips