Last Minute Tips for Tax Procrastinators

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If you still haven’t filed your taxes, If you're among the many who put off their annual tax task, here are 7 last minute tips for tax procrastinators

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Tips for Tax Procrastinators:

Tips for Tax Procrastinators

Know the Basics:

Know the Basics Be sure you understand the basics of your Form 1040, including your correct filing status, all legitimate dependents, your income (from W-2s, 1099s and payments that didn’t generate tax forms) and also any capital gains and losses. 

File for an Extension:

File for an Extension Y ou can move your filing deadline up to six months by filing for an extension with Form 4868.

Use Tax Preparation Software:

Use Tax Preparation Software It is not easy to find a tax professional who’s available less than a week before the filing deadline. That’s why tax prep software can be a good alternative for late filers. The IRS offers free brand name tax-filing software to taxpayers that qualify.  

Know Your Payment Options:

Know Your Payment Options If you find out you owe money to the IRS, coming up with the funds last-minute can be difficult. So, some last-minute filers turn to credit cards to pay off their tax bill. Just keep in mind using a credit card will almost certainly come with a processing charge. 

Don’t Delay Your Payment:

Don’t Delay Your Payment If you owe taxes, the last thing you want is to pay additional interest and penalty charges. You won’t be charged a penalty if you’re supposed to receive a refund. If a refund is waiting, you should file as soon as possible to get it .

Ask for a Payment Agreement:

Ask for a Payment Agreement If you’re short on money, don’t despair, you can set up a payment plan with the IRS. Use the IRS Online Payment Agreement Tool to get started or mail Form 9465 . If you feel unprepared to face the IRS on your own, you can also seek the help of a qualified tax professional.

Double-Check Everything:

Double-Check Everything Whether you prepare your taxes yourself or have a professional prepare them for you, ALWAYS double check figures, Social Security Numbers and all other major and minor information on your tax return.

To Learn More Visit www.reliancetaxgroup.com Or Call : (877) 597-0153 :

To Learn More Visit www.reliancetaxgroup.com Or Call : (877) 597-0153 Credit.com. “9 Tips for Tax Procrastinators.” News Channel 8 on your side . Media General Communications Holdings, LLC., 11 April 2016. Web. 22 April 2016. <http://wfla.com/2016/04/11/9-tips-for-tax-procrastinators/>

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