Last-Minute Tax Tips for Tax Day
It is finally here — today is Tax Day. Some of us have filed our returns while others are scrambling. For those of us rushing to get their returns in order, the following can help:
- Mail wisely. Taxpayers that choose to mail their returns to the Internal Revenue Service (IRS) should double-check postage and address. As long as done correctly, the IRS will generally accept any tax filing postmarked on or before April 15. The post office can weigh the mailing to better ensure correct postage. Taxpayers could also have the mail tracked for increased peace of mind.
- Payment due. The April 15 deadline applies to more than just the tax return, payment is also due. Taxpayers with a tax bill can pay with a credit card, wire transfer, or directly from their bank accounts. A failure to pay by this deadline can result in additional financial penalties.
Not ready to file? Taxpayers who are not yet ready to file their tax returns can get an extension. If you find yourself part of this group, you are not alone. The latest data from the IRS shows the agency has only received about two-thirds of the expected returns.
Not ready to pay? Taxpayers with an unmanageable tax bill have options. An installment agreement may be an option. If approved, the proposal essentially results in a repayment plan with the IRS. It allows for smaller, more manageable payments over a longer period of time. An attorney can discuss these and other options that may help you manage your tax obligations.
