Never wait until a few days before your taxes are due to start to prepare!
It’s always advisable to get your taxes prepared well in advance of the April deadline the Internal Revenue Service (IRS) gives you. In can be nearly impossible to get an appointment with your tax advisor because most accountants get overwhelmed during the first two weeks of April. Should you decide to file your own tax return, you may find yourself frustrated and stressed by having to sort through mounds of papers and receipts. The article Organizing Tax Receipts may be helpful to you!
Down to the wire? Request an extension from the IRS!
It’s advisable to ask for an extension from the IRS than to risk submitting a tax return that is chock full of mistakes. If you are getting stressed about meeting the deadline, simply file the IRS Form 4868 and you’ll be granted an additional six months to file your income tax return. It’s vital to remember though that this extension is merely more time to file your tax return, not an extension on the deadline to pay any taxes owed. Unpaid tax liabilities will trigger a late payment penalty (and possibly interest) from the IRS.
Be sure to file your taxes, even if you’re short on funds!
Many people mistakenly avoid filing a return because they don’t want to pay the IRS a large check. Remember though, that even you’re unable to pay your tax, it’s still important to file your tax return (or an extension) to reduce the amount of penalties you’ll owe to the IRS.
The benefits of e-Filing
If possible, make sure to e-file your income tax return. It’s quicker, easier, and more accurate than filing a paper tax return. Oftentimes you’ll receive your refund in as little as 10 days when filing electronically and having your refund directly deposited into a bank account. Traditional filing by snail mail, it may take more than 10 weeks to receive your refund in the mail.