As I find personal finance tips and articles I think many of you may find helpful, I try to bring them to your attention. Following is part of an interesting article I came across today in USA Today that provides useful information to any of you who haven’t yet filed your 2015 taxes.
LAST-MINUTE FILING TIPS:
IRS Tax Tip 2015-58, April 10, 2015
If you haven’t done your taxes yet, don’t despair. There’s no time like the present to prepare and file your 2014 tax return. Visit IRS.gov for tax tools and help that can make filing your tax return a bit less taxing.
1. Don’t delay. Don’t wait until the last minute to do your taxes. The old saying is true: haste makes waste. If you rush to beat the deadline, you may miss out on tax savings or make a mistake. An error will likely delay your refund and often causes the IRS to send you a letter.
2. Use IRS Free File. If you made $60,000 or less, you can use free, brand-name tax software to do your taxes and e-file for free. If you made more, you can use Free File Fillable Forms. With that program you e-file for free with the electronic version of IRS paper forms. Get started now atIRS.gov/freefile. Free File can help also with the new health care law tax provisions.
3. Try IRS e-file. No matter who does your taxes, you should file them using IRS e-file. It’s the safe, easy and accurate way to file your tax return. You’re 20 times less likely to make a mistake when you e-file compared to filing a paper return. That’s because the tax software catches and corrects common paper filing errors. It also will alert you to tax credits and deductions you may otherwise miss.
4. Visit IRS.gov. Go online for tax information and resources. The Interactive Tax Assistant, Tax Trails and IRS Tax Map can help answer questions you may need answered to complete your return.
5. File on time. If you owe taxes but can’t pay by April 15, you should still file on time and pay as much as you can. This will minimize penalties and interest charges. If you can’t pay all the tax you owe, you may apply for an installment agreement. The easy way to apply is to use the Online Payment Agreement tool on IRS.gov. You can also apply by mail using IRS Form 9465, Installment Agreement Request.
6. File an extension. If you’re not ready to file by April 15, you can get an automatic six-month extension. You can e-file your extension request for free using IRS Free File. You may also file using Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return. Make sure to e-file or mail the form and pay an estimate of any tax due by April 15. You can get the form at IRS.gov/forms anytime.
Your Money Wiz
