All right guys, it’s that time again. Tax time! Don’t everybody jump out of sheer excitement. For some, these words mean money, for others, not so much. But the way I view it, it’s like pulling out a loose tooth. Might as well do it now and get it over with.
Listed below are three points that might help:
This point cannot be emphasized enough: Don’t procrastinate! You don’t have to do it all in one day or weekend. You can do a little at a time. That way, you are sure to make fewer mistakes and not overlook possible tax savings.
Use Free File or try IRS e-file. Free file: if you made less than 57,000 last year you can take advantage of free brand-name tax software offered around this time. Another option is to go to IRS.gov/freefile to access the IRS Free File.
IRS e-file: This is a very accurate, easy and popular way to file. On a good note: even if you file now and find out you owe, you don’t have to pay until April 15th.
And for us that need it, you can always file an extension. So say your return is not ready and April 15th is fast approaching. You can request an extension through the Free File program. This will get you an extra six months to work on your taxes. For those who want to go the paper route: use Form 4868 (Application for Automatic Extension of Time to File U.S. Individual Income Tax Return). You can download the form at IRS.gov or call 1800-TAX-FORM (1800-829-3676). Here’s the catch: you still have to pay any taxes owed by April 15th. The extension gives you more time to work on your tax return; it does not give you more time to pay.