Procrastinators Last Minute Guide To Tax Filings
- Date: 2007-04-11 - Word Count: 481
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Preparing tax returns is not exactly fun stuff. Many leave the joyful task to the last minute. Well, the last minute is about here. Here are some tips to handle your taxes.
This year, you need not fear the fifteenth. Instead, the seventeenth is the day of loathing. Why? Well, the traditional filing deadline falls on a Saturday, which means the filing date is bumped to the following Monday. Two whole extra days!
Last minute filers tend to fall into two categories. They either knuckle down and get it over with or throw up their hands and file an extension for more time. Form 4868 is the filing you need to make if you want to extend.
The IRS automatically accepts the tax filing extension. It is also good for a six month period. This means you have until October 16th to file your personal returns. You can request a second extension then, but they are not often granted.
While the IRS is pretty liberal when it comes to filing returns, the agency has a different attitude towards payments. Yes, you can have more time to file the return, but you better pay whatever you owe now or you will pay penalties and interest. Send in money with the extension.
Nothing is worse then preparing your return and then realizing you don't have enough money to pay the amount due. This leads to quandary and massive headache. Is there any potential relief?
If this occurs, your first option is the Ostrich strategy. You can just stick your head in the sand and not file until you have enough money to pay the bill. The problem, of course, is the IRS is going to notice. You will also pay more in penalties and interest.
If you are ready to file, but short on cash, go ahead and file. Send in what you can even if it is less than you owe. The IRS will send you a notice of shortfall. You can then request a payment plan.
The advantage of this second approach is you save money. Since you have sent in at least some money, the amount you will receive penalties and interest on is less. This, of course, means you pay less ultimately.
If you are ready to pay your tax liability, there are a couple of ways. You can pay by check as has always been the case. You can also pay by credit card by going to officialpayment[dot]com. You will pay a service fee for using the online system.
Many people are happy to learn they are actually due a refund on their taxes. If you fall into this group, you might want to know when the heavenly money will be coming. Visit the site for the IRS and follow the link on the home page.
Filing taxes is one of those things we all tend to put off until the last moment. Well, the last moment is here!
This year, you need not fear the fifteenth. Instead, the seventeenth is the day of loathing. Why? Well, the traditional filing deadline falls on a Saturday, which means the filing date is bumped to the following Monday. Two whole extra days!
Last minute filers tend to fall into two categories. They either knuckle down and get it over with or throw up their hands and file an extension for more time. Form 4868 is the filing you need to make if you want to extend.
The IRS automatically accepts the tax filing extension. It is also good for a six month period. This means you have until October 16th to file your personal returns. You can request a second extension then, but they are not often granted.
While the IRS is pretty liberal when it comes to filing returns, the agency has a different attitude towards payments. Yes, you can have more time to file the return, but you better pay whatever you owe now or you will pay penalties and interest. Send in money with the extension.
Nothing is worse then preparing your return and then realizing you don't have enough money to pay the amount due. This leads to quandary and massive headache. Is there any potential relief?
If this occurs, your first option is the Ostrich strategy. You can just stick your head in the sand and not file until you have enough money to pay the bill. The problem, of course, is the IRS is going to notice. You will also pay more in penalties and interest.
If you are ready to file, but short on cash, go ahead and file. Send in what you can even if it is less than you owe. The IRS will send you a notice of shortfall. You can then request a payment plan.
The advantage of this second approach is you save money. Since you have sent in at least some money, the amount you will receive penalties and interest on is less. This, of course, means you pay less ultimately.
If you are ready to pay your tax liability, there are a couple of ways. You can pay by check as has always been the case. You can also pay by credit card by going to officialpayment[dot]com. You will pay a service fee for using the online system.
Many people are happy to learn they are actually due a refund on their taxes. If you fall into this group, you might want to know when the heavenly money will be coming. Visit the site for the IRS and follow the link on the home page.
Filing taxes is one of those things we all tend to put off until the last moment. Well, the last moment is here!
Related Tags: finance, tax, taxes, filing, irs, deadline, refund, tax return
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