As we move into April, tax deadlines are on the horizon. Since getting taxes prepared is pretty low on most people’s list of things to do, you might need some last minute tips. This year, you need not fear the fifteenth. Instead, the seventeenth is the day of loathing. Why? Well, the traditional filing deadline falls on a Saturday, which means the filing date is bumped to the following Monday. Two whole extra days! Many people prefer not to rush when preparing taxes. After all, an error can cost you a lot of money. You can get an automatic extension to file your taxes by filing form 4868. The good news for extension filers is two fold. First, the extension is granted automatically. Second, the period has been extended from three months to six months. This longer period, however, also means the IRS is unlike to grant a second extension. Taxpayers often misunderstand tax filing extensions. The extension only applies to the actual filing of the tax return. Unfortunately, it does not require to the payment of money. The IRS wants its cash now, so you need to pay something if you think you will owe. One of the truly wonderful things about tax time is a catch-22 that can occur. You go ahead and get your return prepared and ready to be filed. Unfortunately, you realize you owe more than you can pay. Now what? The steps taken by most people is, well, to take no steps at all. They simply don’t file in hopes that they can do so later when they have the cash to pay. This is not the best of ideas. If you are ready to file, but short on cash, go ahead and file. Send in what you can even if it is less than you owe. The IRS will send you a notice of shortfall. You can then request a payment plan. Filing even if you can’t pay is smart for a few reasons. First, you don’t send up red flags at the IRS. Second, you will ultimately pay less then not filing. You will still pay penalties and interest on what you owe, but the amount will be less because you made at least a partial payment. If you are ready to pay your tax liability, there are a couple of ways. You can pay by check as has always been the case. You can also pay by credit card by going to officialpayment[dot]com. You will pay a service fee for using the online system. Finding out you are due a refund is a blissful moment. Then greed sets in. When will you get it? You can go to the IRS site and find out. Just click the “where is my refund” link and follow the directions. Much like taking the trash out, taxes are just something you have to deal with. The deadline is almost upon us. Whatever you do, make sure you do something.
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As we move into April, tax deadlines are on the horizon. Since getting taxes prepared is pretty low on most people’s list of things to do, you might need some last minute tips.
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