Income Tax Filing tips, for the Tax Procrastinators!
April 7, 2011
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If you haven’t filed your 2010 tax return yet, you are not the only one in the boat of procrastinators. The IRS says as many as 25% of filers do so in the 2 weeks before the deadline. The great thing about this year is that those who wait until the last minute have 3 extra days to file! Usually the date is April 15th but, due to a holiday in DC the date to file by is Monday, April 18th. Here’s a few tips for last minute tax filers:
- Have all your records in one spot like W-2's, receipts, interest statements, etc.
- Do a preliminary run through for preparation.
- Based on your income and deductions be sure to use the IRS for questions. They have call centers that will help you prepare your taxes and answer your questions, like:
- How do you qualify for the Making Work Pay credit?
- What is eligible to claim as tax credit for the Homebuyer Credit?
- File for Free with the IRS File Free option if you make under $58,000.
- If after you have gathered your info, asked the questions and still can’t get your taxes in on time, you can always file for an extension. Your extension can be for up to 6 months. You don’t want to get in a situation where you have to pay a penalty of 5% for not getting your payment in on time.
- Be sure to always keep a copy for your records!
Once you've filed your 2010 return, just think, you have a whole year before you have to do it all over again!