Filing Tips for 2015 Tax Returns
Are you one of the millions of Americans who hasn’t filed (or even started) your taxes yet? With the April 18 tax filing deadline having come and gone, here is some tax advice for you.
- Stop Procrastinating.If you have an extension until October, resist the temptation to put off your taxes until the very last minute. It takes time to prepare accurate returns and additional information may be needed from you to complete your tax return. If you don’t have an extension, and you might owe money, file as soon as possible to minimize late filing penalties, even if you cannot pay the balance due.
- Include All Income.If you had a side job in addition to a regular job, you might have received a Form 1099-MISC. Make sure you include that income when you file your tax return because you may owe additional taxes on it. If you forget to include it you may be liable for penalties and interest on the unreported income.
- Don’t Panic If You Can’t Pay.If you can’t immediately pay the taxes you owe, there are several alternatives. You can apply for an IRS installment agreement, suggesting your own monthly payment amount and due date, and getting a reduced late payment penalty rate. You also have various options for charging your balance on a credit card. There is no IRS fee for credit card payments, but processing companies generally charge a convenience fee.
- Sign and Double Check Your Return.The IRS will not process tax returns that aren’t signed, so make sure that you sign and date your return. You should also double check your social security number, as well as any electronic payment or direct deposit numbers, and finally, make sure that your filing status is correct.
Remember: To avoid delays, get your tax documents to our office as soon as you can.