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As we move into April, tax deadlines are on the horizon. Since getting taxes prepared is pretty low on most people’s list of things to do, you might need some last minute tips. First and foremost, you have a couple extra days to file this year. The usual April 15th deadline falls on a Saturday this year. As a result, the tax filing deadline is now the following Monday, April 17th. Preparing tax returns is a complex matter. If you don’t believe me, just try reading one set of instructions kicked out by the IRS. Instead of doing a sloppy preparation, you might want to get more time. 4868 is the form you need to file. 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? The steps taken by most people is, well, to take no steps at all. They simply don’t file in hopes that they can do so later when they have the cash to pay. This is not the best of ideas. 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. You are probably wondering what the difference is between the approaches. Ultimately, the second approach saves you money. Why? Well, the interest and penalties you pay will be based on a smaller outstanding debt because you sent at least some money in. Now, what if you are ready to file and can pay the tax debt? You can get money to the IRS in a couple of ways. The first is to send in a check as most do. The second is to pay by credit card. Just go to the IRS site to find authorized vendors to handle the payments. 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!
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