Are you looking for ways to avoid the last-minute rush for doing your taxes? Here are some stress-relieving ideas to help you.
• Don’t Procrastinate Resist the
temptation to put off your taxes until the very last minute. Your haste
to meet the filing deadline may cause you to overlook potential sources
of tax savings and will likely increase your risk of making an error.
• Visit the IRS Online In fiscal
year 2007, there were more than 214 million visits to IRS.gov and 1.35
billion page views. Anyone with Internet access can find tax law
information and answers to frequently asked tax questions.
• File Your Return Electronically
Nearly 80 million taxpayers filed their returns electronically in
fiscal year 2007. Aside from ease of filing, IRS e-file is the fastest
and most accurate way to file a tax return. If you’re due a refund, the
waiting time for e-filers is half that of paper filers.
• Don’t Panic if You Can’t Pay If
you can’t immediately pay the taxes you owe, consider some
stress-reducing alternatives. You can apply for an IRS installment
agreement, using our new Web-based Online Payment Agreement application
on IRS.gov. The Web-based application allows eligible taxpayers or
their authorized representatives to self-qualify, apply for, and
receive immediate notification of approval. You also have various
options for charging your balance on a credit or debit card. There is
no IRS fee for credit or debit card payments, but the processing
companies charge a convenience fee. Electronic filers with a balance
due can also file early and pay their taxes directly from their
checking or savings account on the April due date with no service
fee.
• Request an Extension of Time to File – But Pay on Time
If the clock runs out, you can get an automatic six month extension of
time to file to October 15. However, this extension of time to file
does not give you more time to pay any taxes due. You will owe interest
on any amount not paid by the April deadline, plus a late payment
penalty if you have not paid at least 90 percent of your total tax by
that date. See IRS Form 4868, Application for Automatic Extension of
Time to File U.S. Individual Income Tax Return for a variety of easy
ways to apply for an extension. Form 4868 is available at IRS.gov or by
calling 800-TAX-FORM (800-829-3676). Taxpayers needing Form 4868
should act soon to be sure they have the item in time to meet the April
deadline.
Remember that for the genuine IRS Web site be sure to
use .gov. Don't be confused by internet sites that end in .com,
.net, .org or other designations instead of .gov. The address of the
official IRS governmental Web site is www.irs.gov .
