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Make Tax Filing Easy With These Six Tips

By Edited Sep 27, 2016 0 0

Preparing your taxes shouldn’t be as stressful this year as it is most other years. Here are six tips the IRS has put together to aid you in making your tax filing easy this year.

1. Do NOT Procrastinate  - Even though the thought makes you cringe, don’t give in to the temptation to wait until the absolute last second to file. Rushing around to meet the deadline might result in overlooking potential tax savings and will probably result in a tax error or two.

2. Log On To The IRS Website - A bit over 304 million visits logged onto IRS.gov last year. You must make sure the first area to visit when you log onto the site is 1040 Central. 1040 Central will educate you on the most recent news and it will answer your questions regarding tax filing.

3. Don’t Be Afraid to Use Free File - You don't have to do all the dirty work! Let Free File do it for you with online fill forms and brand-name software. You’ll find it only at IRS.gov. Each and every consumer will find an option that’s just right to prepare and e-file their tax return for free. If your yearly income was $58,000 or less, you instantly are eligible for free software that’s offered through a partnership with software producers. If you’re more tax savvy or made more than $58,000, there are free fillable forms just for you. It’s the electronic version of the IRS paper forms. To see all your options, go to the FreeFile site on IRS.gov/freefile.

4. Take Advantage of IRS E-file - More and more consumers have taken advantage of the IRS e-file. It’s safe and an absolutely easy way to file your tax return. Over 99 million people last year alone; that’s just about 70 percent of American taxpayers, used the IRS e-file. In 2011, most tax preparers will use the e-file option and will be happy to explain the filing options available to you. What a perfect time to take a chance and try out e-file. The IRS e-file is fast approaching the 1 billion mark of returns processed securely, safely, and quickly. If you owe the IRS taxes, you have several payment choices to file instantly and pay later before the tax deadline. But perhaps best of all, you can merge your e-file with your direct deposit information and you’ll get your refund in as little as 10 days.

5. If You Can’t Pay, Don’t Panic! - Even if you can’t pay the full amount you owe by the deadline in mid-April, file your return by the deadline and make what payments you can. By doing so, you avoid penalties and interest. Don’t be afraid to communicate with the IRS and talk about what payment choices are available to you at 800-829-1040. The IRS might be able to help you out and give you a bit of relief in the form of an installment agreement.

Luckily, over 75 percent of all American taxpayers eligible to make installment payments can use the online application at IRS.gov to apply for the agreement. It’s a simple and convenient process. To find out more, type “Online Payment” on the IRS.gov website in the search box.

6. Request an Extension, But Pay on Time - Should the mid-April deadline clock run out, you are immediately eligible for a six-month extension which gives you a bit more time to file or e-file through October 17. However, having this extension does not allow you more time to pay if you owe taxes. If by the April deadline you have not paid at least 90 percent of what you owe, you might be issued to an Estimated Tax Penalty. To get an extension, all you have to do is submit Form 4868. Just like the e-file process for your taxes, the simplest way to file a Form 4868 is online through the Free File option at IRS.gov/freefile. You can download Form 4868 at www.IRS.gov or you can make the phone call toll-free to (800-829-3676) or 800-TAX-FORM  to have a paper form mailed to you.

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