Last Mintue Tax Tips

Nobody enjoys filing their taxes, unless of course you’re expecting thousands back, in which case you probably filed them a long time ago and hopefully haven’t spent your entire return. For the rest of us procrastinators, the deadline is right around the corner, only a few days left.

This year, the government has pushed the tax deadline back to April 18^th giving taxpayers a few more days to file their 2010 tax returns and pay any tax due. There are a variety of ways to file. Whether you choose to file electronically, fill out your tax forms by hand, or pay a CPA to handle them, there are steps you should take to ensure that no mistakes are made.

If you chose to fill out your tax forms by hand, make certain to review the documents carefully, checking that there are no omissions or mistakes, such as incorrectly writing your social security number. This is also a great time to double-check your math as well because according to the IRS, math miscalculations are among the most common errors. Still not sure about your calculations? Consider using the IRS Free File Fillable program, which provides electronic versions of paper forms and does the math for you. 

Don’t forget to claim credits. Among the many credits Americans forget to claim is the Earned Income Credit or the Making Work Pay credit. Forgetting to make certain claims could cost you in the end.

Expecting a refund? This means you overpaid your taxes during the year. The IRS is simply giving you back your own money, so going out and blowing your entire return is not a wise way to spend it. Instead, consider paying off some debt or depositing the money into a savings account.

If you’re still not ready to file yet, don’t worry. You should never rush through this process as doing so might cause you to make some very big mistakes. File for an extension as a way to avoid any last-minute blunders. To request an extension, you’ll need to file IRS Form 4868. According to USA Today, approval is automatic, but you must file the form by April 18th to avoid any late-filing penalties.

There are just a few days left so whether you plan to file before or on the deadline, or apply for an extension, you should do so immediately. Remember to contact a professional CPA should you have any questions regarding your taxes in order to ensure the accuracy of your return.

 

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