Have you been putting off filing your tax return this year? As the tax filing deadline looms, here are a few tips for those last-minute filers courtesy of CBS News.
1.) File electronically. For safety, use IRS e-file. It’s easy and will save you time. Plus, you’ll receive your tax return faster if you are expecting one. The IRS processes electronic returns faster when you e-file!
2.) Double-check the information before you file. Often times, identification numbers such as Social Security numbers are entered incorrectly. This can delay or reduce a tax refund. Also, don’t forget to sign and date your return!
3.) If you’re mailing a return or payment, make sure you have the right address. This can be found at irs.gov under the Individuals tab. Make sure any check should be made payable to “United States Treasury.”
4.) File an extension if you cannot meet the April 17 deadline. Use Form 4868 by April 16 to avoid penalty. Keep in mind that the IRS gives you six extra months to file, not 6 extra months to pay though! You must estimate your tax liability for 2011 and pay what you think you owe when you file for an extension.
5.) Check out the different payment options provided by the IRS.
Did you know that a recent survey found that those who wait until the last days or file for an extension, pay nearly double the amount of those who file in January and February? For more tips and information on filing taxes, visit www.bbb.org.