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8 Tips for Extension Filers

The six month tax return extension is fast approaching the October 15th deadline. If you filed an extension, you can file anytime before October 15th and fully or partially pay your tax bill anytime.

Here are some tips to remember to file your taxes:

  1. REVIEW. This is the last chance to submit your tax return, make sure it’s correct. Any mistakes could result in penalty fines. When entering your information, double and triple check to ensure everything is spelled correctly. Pay close attention to the numbers you enter. You’d be surprised at how easy it is to make a simple typing error on a name or a birthdate!
  2. Remember the deadline. This is the last chance to file without incurring a failure-to-file penalty. If you can’t pay the full amount that you owe, pay as much as you can to reduce interest and the penalties for a late payment.
  3. Save a copy. Keep a copy for your personal records. Print out a physical copy but make sure that you save one digitally as well. Save your tax returns for at least 3 years but you may never know when you’ll need to refer back to them or they might be needed.
  4. You can still use IRS Free File. Almost everyone can file their tax return for free through IRS Free File. This is available through the IRS website and is one of the easiest, safest, and most accurate way for you to file your taxes. E-file also helps you get all the tax benefits you are entitled to claim.
  5. A tax refund is possible. You may be owed a refund from your taxes and the sooner you file, the sooner you are able to receive that money. To receive the money you are owed sooner, use Direct Deposit. It’s a simple, quick, free way to get the money deposited directly into the financial account of your choice.
  6. If you owe money, use IRS Direct Pay. Again, it’s a quick, easy, free way to pay what you owe from a checking or savings account without any hassle.
  7. Military gets extra time. If you are in the military or serving in a combat zone, you get extra time to file your tax return. Typically at least 180 days after they leave the combat zone to file returns and pay any taxes due.
  8. Prepare for next year. As we get closer and closer to the new year, it might be time to start preparing for the next tax season. Use the remaining months to clean up your financial situation or make some decisions that could benefit you during next tax season. Staying ahead of the April deadline keeps you organized and helps ease stress.

Sources: IRS , TaxAct

 

 

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