Five Tips for Reducing Tax-Time Stress
Tax preparation doesn't need to give you a headache. There are several ways to make it easier on yourself.
1. Don't procrastinate. Resist the temptation to put off your taxes until the very last minute. Rushing 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.
2. Visit the IRS website. More than 322 million visits were made to www.irs.gov in 2011. Make 1040 Central your first stop to check for the latest news and find answers to your questions about tax filing.
3. Contact us. Drop your tax return information off with us this year or schedule an appointment and let us prepare it for you.
4. Don?t panic if you can't pay. If you can't pay the full amount of taxes you owe by the mid-April deadline, you should still file your return by the deadline and pay as much as you can to avoid penalties and interest. More than 75 percent of taxpayers eligible for an Installment Agreement can apply using the web-based Online Payment Agreement application available at www.irs.gov. To find out more about this simple and convenient process, type Online Payment Agreement? in the search box at www.irs.gov. You can also contact the IRS to discuss your payment options.
5. Request an extension of time to file ? but pay on time. If the deadline clock is ticking, you can get an automatic six-month extension through Oct. 15. However, this extension of time to file, which must be filed or postmarked by the April 17 deadline, does not give you more time to pay any taxes due. If you have not paid at least 90 percent of the total tax due by the April deadline you may also be subject to an estimated tax penalty. You can obtain an extension through Free File at www.irs.gov/freefile. Or, file Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, available for downloading at www.irs.gov or by calling 800-TAX-FORM (800-829-3676) to have a paper form mailed to you. Allow at least 10 days for mailed forms and publications.