This blog contains accounting and income tax tips to help answer questions businesses and individuals have about topics that affect most businesses and/or individuals.
Thursday, April 3, 2014
Three Tips to Make Filing Less Taxing
Doing your taxes doesn’t have to be taxing. You can make preparing and filing your federal income taxes easier by following these six tips from the IRS:
1. Don’t delay. Avoid doing your taxes at the last minute. If you rush to make the filing deadline and file a tax return on paper, you may overlook tax savings. You’re also more likely to make a mistake. An error will usually delay your refund and often causes the IRS to send you a letter.
2. File on time. If you owe taxes but can’t pay by April 15, you should still file on time and pay as much as you can. This will minimize penalties and interest charges. If you can’t pay all the tax you owe, you may apply for an installment agreement. The best way to apply is to use the Online Payment Agreement tool on IRS.gov. You can also apply by mail using IRS Form 9465, Installment Agreement Request.
3. File an extension. If your tax return is not ready by April 15, you can get an automatic six-month extension. You can also get an extension using Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return. You should e-file or mail Form 4868 and pay any tax due by April 15.
Visit IRS.gov to get the tax forms you need. You can also call 800-TAX-FORM (800-829-3676) to have them mailed to you. Allow at least 10 days for mailing.
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