6 Tips for Last Minute Tax Filers

"I'm constantly worrying all the way up to the due date of my tax return. I'm so stressed; there has to be a way to make it easier on myself."

Have you ever said the above in a contemplative mumble? If not, then you likely have at least thought it. The onset of spring brings many things with it, including the dreaded due date for individual tax filers. This year, the closing date to get returns postmarked by is Monday April 18th.

For the dalliers and the feet draggers, the IRS wants you to know that there are some last minute tax tips to take advantage of.

Don't keep putting it off

If you are last-minute filer, then it already may be too late to darn the metaphorical sock hole, but there is no reason to wait until the very last day, or the very last hour. Get your feet moving, and take responsibility for the timeliness of your tax return.

If you wait until the last minute, you have significantly hedged the time you may need to research or look into your eligibility for certain tax credits . In addition to potentially overlooking areas to save on your tax bill, last second filing means a greater risk of unforced errors.

Navigate the IRS web site

If you haven't learned about the different tools available at IRS.gov , now is the time to familiarize yourself.

The IRS web site is the place to go for forms and publications, especially since the IRS has halted their practice of mailing out the pre-printed tax packages. All current and past year tax forms, instruction booklets and pubs are available in PDF. You can also order forms by mail through the IRS site. Click on the link for Forms and Publications on the top left side of the home page.

The IRS also has a number of interactive tools that taxpayers can utilize. For example, use the EITC Assistant to see if you qualify for the Earned Income Tax Credit before you make a claim for it. Use the Withholding Calculator to make sure you are having enough taxes withheld from your pay.

Through the IRS web site, you can also electronically file your tax return by choosing one of the multiple companies that the IRS has partnered with. You can check on the status of your refund, enroll yourself to make electronic payments (for current taxes owed or estimated tax deposits) and even e-file your return for free if you qualify.

The IRS also makes tax information available on YouTube, Twitter , podcasts, widgets and IRS2Go, a new Smartphone app that lets you interact with the IRS on your mobile device. Check out the IRS News Media page for details.

E-file your return for free

Before you pay a third-party tax prep agency to electronically file your tax return, check to see if you may be eligible to file it through the IRS web site for free.

For 2010 tax returns, if your Adjusted Gross Income (AGI) last year was under $58,000, you are likely eligible for FreeFile. According to the IRS, 70% of all taxpayers have an AGI of $58,000 or less.

There is no software to download, and many companies offer state return preparation as well for a small charge, or even for free.

Avoid Refund Anticipation Loans

Larger return preparation agencies may offer a product called a Refund Anticipation Loan (RAL). They may not call it this, but those 24-hour or short turnarounds they promise on your refund refer to these types of loans. The IRS does not offer RALs.

A RAL is a loan that a tax prep agency provides, based on your anticipated refund. Your actual refund is directed back to the preparer via direct deposit and is used to reimburse what was loaned to you by the company.

They may be tempting, but unless you have an immediate need for your refund, RALs are rarely worth their trouble. The fees associated with them can be exorbitant, and if you can wait just a week or few extra days, you can receive your full refund from the IRS. In fact, taxpayers who file electronically and elect to have their refund directly deposited can expect to see their refund in as little to 10 to 14 days.

File an extension

For those who know that they will not be able to meet the April 18th deadline, submit an extension to file via Form 4868. The form must be filed on or before the 18th.

Form 4868 provides for an automatic 6-month extension to file, until October 15th. There is no explanation needed as to why you are requesting the extension.

Remember, an extension to file is not also an extension to make payment. If you think you will owe on your taxes, the IRS still expects you to make an estimation of your tax liability and send payment in by the legal due date of the return. Penalty and interest may be charged on any shortfall of tax. Needless to say, better to overestimate.

If you have a refund, then the IRS does not charge any fees or penalties for not filing on time. However, unless you are certain that you have money coming back, better to be safe and file the extension.

Make repayment arrangements

If you prepare your taxes and realize that you have a large tax bill that you cannot make full payment on, don't panic.

First of all, make sure you still file on time in order to avoid the Failure to File penalty, which accrues at 5% of your tax balance per month, for a maximum of five months. Send in your tax return with Form 9465, Installment Agreement Request.

If you are current in the filing of your other tax returns, and if the amount you are requesting to pay per month is within IRS guidelines (generally an amount that will pay off the balance in 60 months), then the IRS will establish a payment plan for you. No need to wait until balance due notices start piling up. You can pay via a check, money order, payroll deduction or direct debit.

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