4 Filng Tax Return Tips for Last Minute Filers
Every income tax filing season millions of U.S. taxpayers procrastinate on preparing and filing their returns until the April 15th deadline. Why? There are a number of theories, but I believe that most last minute filers are simply overwhelmed by the whole process of going through all of the paperwork. If you're tired of being overwhelmed and want to turn things around, this first tip is a crucial key.
Filing Tax Return Tip No. 1 - Get Organized and Create An Outline for Your Income Tax Return
Organization is the key to the entire process. So take a deep breath, relax and take the time now to organize all of your information. Separate all of the forms you've received into two (2) piles - income and deductions.
Take a pen and number each form or item in a pile. Then create a simple outline to reflect your income as well as deductions for the filing year. The numbers assigned to each form in the income and deduction piles will
match those on your outline. This will make it much easier for you to breeze through the completion of your tax return.
Filing Tax Return Tip No. 2 - Be Sure You Select the Correct Filing Status and Get Your Dependent Exemptions Straight
Make sure you select the correct filing status. If you get it wrong it could cost you thousands of dollars. Don't claim head of household status if you have kids, but your spouse doesn't work - claim married filing jointly.
If you're single but have a child or a sibling who lives with you and you provide for all of their needs during the tax year, don't file as single - file as head of household. But you have to be very careful claiming dependents if your situation isn't clear cut. The IRS has 3 tests - dependent taxpayer, joint return and citizen or resident - that must be passed before you can claim anyone as a dependent. Go to the IRS website, www.irs.gov and check out Publication 501 to get more information.
Filing Tax Return Tip No. 3 - File Your Income Tax Return With FreeFile
After you organize all of your information, don't fumble around with manually filling out all of those forms. If you have a PC with internet access, you can do a free online tax filing using the FreeFile program if your adjusted gross income is $56,000 or less. The traditional FreeFile program uses tax software to prepare your federal income tax return. Its fast - you can confirm that the IRS has received your return within 48 hours and you can get your refund within 10 days if you use direct deposit. It does the math for you and double checks it for accuracy along the way. But if you don't want to use the tax software, you can use the FreeFile Fillable Forms to do it yourself. Just go to the IRS website, click on the e-file link under IRS Resources for more information and to access the FreeFile program.
Filing Tax Return Tip No. 4 - File Your Extension the Smart and Easy Way
What if there's no way you can prepare your federal tax return and get it filed by the deadline? If that's your situation, don't sweat it - relax. You can use the FreeFile program or FreeFile Fillable Forms to e-file the
application for an extension (Form 4868). Its free, secure and it will give you an automatic 6 month extension to file (but not an extension of time to pay if you owe) your income tax return, but you have to get it done by April 15th. Keep in mind the extension only covers your federal income tax return, so you should call your state tax department to find out what you have to do to receive an extension on your state return.
The 4 filing tax return tips presented in this article will help you, if you act on them, get your income tax return
completed and filed on time. At the very least you will be able to buy yourself more time to file your return.
Source:
http://www.irs.gov
http://taxes.about.com
Published by Ray Harris
Ray Harris is an online content creator living life in north Metro-Atlanta, GA. View profile
How to Prepare Your Own Federal Tax ReturnMany options are now available for preparing your own federal tax return. This article reviews the various options and offers tips for preparing your return.
- Who Should Sign Your Tax Return?In order to be valid, your federal income tax return must be signed. There are special rules that apply in certain cases when the taxpayer cannot sign. Third-party designees, representatives, and paid preparers have...
What to Do with an Overpayment on Your Federal Income Tax ReturnWhen you have an overpayment when you file your federal income tax return you can request a refund. The refund can be a check, direct deposit, to more than one account if you li...- What to Do When You Need to Make a Change on Your Federal Income Tax ReturnWhen you have filed your federal income tax return and later find that you need to make a change on it, you can file Form 1040X to amend the return and request a refund for the tax you overpaid, or pay the additional...
- Cheap and Easy Ways to File Your Federal Tax ReturnFiling your federal tax return online is the easiest and cheapest way to manage your project, and you have a number of free services to choose from. Here's how to file your federal taxes at little or no cost.
- 5 Tax Tips for Home businesses
- Income Tax Preparation Services in Milwaukee
- How to E-file Your Income Tax Return
- How to File an Income Tax Return Extension Form
- United States Tax Return
- How to Prepare for an Audit of Your Income Tax Return
- Should Your Child File an Income Tax Return?