If You Missed the Tax Deadline These Tips Can Help

IRS Tax Tip 2015                                                                        

April 15 has come and gone. If you didn’t file a tax return or an extension but should have, you need to take action now. Here are some tips for taxpayers who missed the tax filing deadline:

• File as soon as you can.  If you owe taxes, you should file and pay as soon as you can. This will stop the interest and penalties that you will owe. IRS Direct Pay offers you a free, secure and easy way to pay your tax directly from your checking or savings account. There is no penalty for filing a late return if you are due a refund. The sooner you file, the sooner you’ll get it.
• IRS Free File is your best choice.  Nearly everyone can use IRS Free File to e-file their federal taxes for free. If your income was $60,000 or less, you can use free brand-name tax software. If you made more than $60,000, use Free File Fillable Forms to e-file. This program uses electronic versions of IRS paper forms. It does some of the math and it works best for those who are used to doing their own taxes. Either way, you have a free option that you can only access on IRS.gov. It’s available at least through the Oct. 15 extension period.
• Use IRS e-file to do your taxes.  No matter who prepares your tax return, you can use IRS e-file through Oct. 15. E-file is the easiest, safest and most accurate way to file your taxes. The IRS will confirm that it received your tax return. The IRS issues more than nine out of 10 refunds in less than 21 days.
• Pay as much as you can.  If you owe tax but can’t pay it in full, you should pay as much as you can when you file your tax return. IRS electronic payment options are the quickest and easiest way to pay your taxes. Pay the rest of the tax you still owe as soon as possible. Doing so will reduce future penalties and interest.
• Use the IRS.gov tool to pay over time.  If you need more time to pay your tax, you can apply for an installment agreement with the IRS. The best way to apply is to use the IRS Online Payment Agreement tool. You can use the IRS.gov tool to set up a direct debit agreement. You don’t need to write and mail a check each month with a direct debit plan. If you don’t use the tool, you can use Form 9465, Installment Agreement Request to apply. You can get the form onIRS.gov/forms at any time.
• A refund may be waiting.  If you are due a refund, you should file as soon as possible to get it. Even if you are not required to file, you may still get a refund. This could apply if you had taxes withheld from your wages or you qualify for certain tax credits. If you do not file your return within three years, you could lose your right to the refund.

Have a Tax Question? To Ask a Tax Expert Visit: http://IncomeTaxExperts.org

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Last-Minute Filing Tips

IRS Tax Tip 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 at IRS.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 theOnline 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.  

Have a Tax Question? To Ask a Tax Expert Visit: http://IncomeTaxExperts.org

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Avoid These Common Tax Mistakes

IRS Tax Tip 2015

Nobody’s perfect. Mistakes happen. But if you make a mistake on your tax return, it will likely take the IRS longer to process it. That could delay your refund.

Here are eight common tax-filing errors to avoid:

1. Wrong or missing Social Security numbers.  Be sure you enter all SSNs on your tax return exactly as they are on the Social Security cards.
2. Wrong names.  Be sure you spell the names of everyone on your tax return exactly as they are on their Social Security cards.
3. Filing status errors.  Some people use the wrong filing status, such as Head of Household instead of Single. The Interactive Tax Assistant on IRS.gov can help you choose the right status. If you e-file, the tax software helps you choose.
4. Math mistakes.  Double-check your math. For example, be careful when you add or subtract or figure items on a form or worksheet. Tax preparation software does all the math for e-filers.
5. Errors in figuring credits or deductions.  Many filers make mistakes figuring their Earned Income Tax Credit, Child and Dependent Care Credit, and the standard deduction. If you’re not e-filing, follow the instructions carefully when figuring credits and deductions. For example, if you’re age 65 or older or blind, be sure you claim the correct, higher standard deduction.
6. Wrong bank account numbers.  You should choose to get your refund by direct deposit. Be sure to use the right routing and account numbers on your return. The fastest and safest way to get your tax refund is to combine e-file with direct deposit.
7. Forms not signed.  An unsigned tax return is like an unsigned check – it’s not valid. Both spouses must sign a joint return.
8. Electronic filing PIN errors.  When you e-file, you sign your return electronically with a Personal Identification Number. If you know last year’s e-file PIN, you can use that. If you don’t know it, enter the Adjusted Gross Income from the 2013 tax return that you originally filed with the IRS. Do not use the AGI amount from an amended return or a return that the IRS corrected.

Have a Tax Question? To Ask a Tax Expert Visit: http://IncomeTaxExperts.org

Get a Free IRS Tax Report:

The Secrets to Resolving (and Avoiding) Problems with the IRS​