While April brings spring showers, it also heralds important tax deadlines. Uncle Sam knows we have packed days and busy schedules, but complying with the tax laws is one task you should not ignore. Here’s some helpful tips for last-minute filers.
- When people are in a rush, mistakes occur more frequently. If you’re filing your tax return at the last minute, don’t make it a do-it-yourself project. Tax laws and tax forms are somewhat complicated. It’s crucial you enter the correct information in each data field. One wrong digit could cost you time and money.
- If you’re not prepared to file your taxes by the April 15th deadline, you can file an extension, which buys you additional time. That can be helpful for landlords and one-person businesses, because it gives a taxpayer more time to complete a return. But you still need to remit at least 90 percent of the money you anticipate you will owe or you risk incurring late-payment penalties.
- Filing an extension may delay your refund, but so will having to amend your return, if the IRS makes a correction. If the correction is the result of a mathematical error (which is common), you will receive instructions from the IRS on how much you must remit by a certain date to avoid late-payment penalties.
- Always maintain a communication channel with the IRS. If you changed addresses since your last tax filing, be sure you put in a forwarding order so that you will receive any inquiries the IRS may have regarding your tax filing. Also, you will receive your refund faster, if you file electronically.