TIPS FOR LAST-MINUTE TAX FILING
Scrambling to beat the deadline? April 15 is fast approaching. Yet, you find yourself swarmed with numerous receipts and blank tax return form. Worry no more as we will provide some pointers on completing your tax return on time.
Lots of online tax filing options can help you get through with preparing your taxes. The Internal Revenue Service designed different online facilities and services for preparing your tax return. It can be used for free. Aside from that, the federal agency offers professional assistance for finishing your return. But not everyone is eligible to avail the service. Visit the official IRS website to check the prerequisites.
There are software programs developed for tax filing, which can be bought from an office supply store or online. You can also hire an accountant to assist you in tax return filing. However, the closer you are to the deadline and the more complex your return is, the harder it is to find one because they are accommodating many clients.
One of the most significant aspects of tax return filing is the paperwork. A taxpayer needs to include documentation or papers that come from different entities such as your company or the bank. At the very least, you need to submit a copy of W-2 Form outlining your income. Other forms may include 1099-DIV, 1099-G, 1099-INT, and 1099-SSA.
In case you have no receipts, make sure to include your savings account statements and credit card billing statements stating all your out-of-pocket expenses. If you moved to another residence, for instance, it is imperative to gather all the forms indicating your new address. It is necessary to compute and submit proof of contributions or expenditures for a given year, including alimony, child care, and out-of-pocket medical expenses.
Before filing that tax return, double-check all your entries or expect Uncle Sam in your house. Conversely, if you cannot submit it on time, seek an extension for six months. All it takes is providing the IRS Form 4868. Still, you need to pay the taxes due to the agency by April 15.