Looking for ways to avoid the last-minute
rush for doing your taxes? The IRS offers these tips:
1. Don't Procrastinate. Resist the temptation
to put off your taxes until the last minute. Your haste 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. Organize Your Tax Records. Tax preparation
time can be significantly reduced if you develop a system
for organizing your records and receipts. Start with the income,
deduction or tax credit items that were on last year’s
return.
3. Visit the IRS Online. Millions of taxpayers
visited the IRS Web site in calendar year 2004, downloading
nearly 600 million forms, publications and a variety of topic-oriented
tax information. Anyone with Internet access can find tax
law information and answers to frequently asked tax questions.
4. Take Advantage of Free Assistance. The
IRS offers recorded messages on about 150 tax topics through
its toll-free TeleTax service at 1-800-829-4477. It also offers
federal tax forms and publications at 1-800-TAX-FORM (1-800-829-3676).
Some libraries, post offices, banks, grocery stores, copy
centers and office supply stores carry the most widely requested
forms and instructions. Libraries may also have reference
sets of IRS publications.
The IRS also staffs a tax Help Line for Individuals
at 1-800-829-1040. Help for small businesses, corporations,
partnerships and trusts which need information or assistance
preparing business returns is available at the Business and
Specialty Tax Line at 1-800-829-4933. Both lines are staffed
from 7 a.m. to 10 p.m. weekdays. In addition, the Help Line
for Individuals is available from 10 a.m. to 3 p.m. on Saturdays
though April 9. All times are local, except in Alaska and
Hawaii, which should use Pacific Time.
Hearing-impaired individuals with access
to TTY/TDD equipment may call 1-800-829-4059 to ask questions
or to order forms and publications.
5. Use IRS Taxpayer Assistance Centers and
Vounteer Programs. Free tax help is available at IRS offices
nationwide. Also, check your newspaper or local IRS office
to find locations for Volunteer Income Tax Assistance or Tax
Counseling for the Elderly sites. To obtain the location,
dates, and hours of the VITA or TCE volunteer site closest
to you, call the IRS toll-free Tax Help Line for Individuals
at 1-800-829-1040. Check this Web site to find the local IRS
office nearest you.
6. File Your Return Electronically. About
61 million taxpayers filed their returns electronically in
2004. Aside from ease of filing, IRS e-file is the fastest
and most accurate way to file a tax return. If you’re
due a refund, the waiting time for e-filers is half that of
paper filers. The IRS and the Free File Alliance, LLC, a private-sector
consortium of tax software companies, have formed a partnership
to help qualified taxpayers electronically prepare and file
their federal tax returns for free. Link to the Free File
page on this Web site to see if you’re eligible for this
service.
7. Double-Check Your Math and Data Entries.
Review your return for possible math errors and make sure
you have provided the names and correct (and legibly written)
Social Security or other identification numbers for yourself,
your spouse and your dependents.
8. Have Your Refund Depostied Directly to
Your Bank Account. Another way to speed up your refund and
reduce the chance of theft is to have the amount deposited
directly to your bank account. Check the tax instructions
for details on entering the routing and account numbers on
your tax return. Make sure the numbers you enter are correct.
Wrong numbers can cause your refund to be misdirected or delayed.
9. Don't Panic if You Can't Pay. If you can’t
immediately pay the taxes you owe, consider some stress-reducing
alternatives. You can apply for an IRS installment agreement,
suggesting your own monthly payment amount and due date, and
getting a reduced late payment penalty rate. You also have
various options for charging your balance on a credit card,
either as part of an electronic return or directly through
a processing agent, either by phone or online.
Official Payments Corporation may be reached
at 1-800-2PAY-TAX (1-800-272-9829), or online.
The Link2Gov Corporation may be reached at
1-888-PAY-1040 (1-888-729-1040) and is also available online.
There is no IRS fee for credit card payments, but the processing
companies charge a convenience fee.
Electronic filers with a balance due can
file early and authorize the government’s financial agent
to take the money directly from their checking or savings
account on the April 15 due date, with no fee.
Note that if you file your tax return or
a request for a filing extension on time, even if you can’t
pay, you avoid potential late filing penalties.
10. Request an Extension of Time to File
— But Pay on Time. If the clock runs out, you can get
an automatic four-month extension of time to file, to Aug.
15. An extension of time to file does not give you an extension
of time to pay, however. You can call 1-888-796-1074, e-file
a Form 4868, Application for Automatic Extension of Time to
File, that is included in most tax preparation software, or
send a paper Form 4868 to the IRS to request the extension.
You will need the adjusted gross income and total tax amounts
from your 2003 return if you request the extension by computer
or phone. You may also get an extension by charging your expected
balance on a credit card, and then you won’t have to
file the form. Contact Official Payments Corporation or Link2Gov
Corporation. There is no IRS fee for credit card payments,
but the processors charge a convenience fee.
Note that the extension itself does not give
you more time to pay any taxes due. You will owe interest
on any amount not paid by the April deadline, plus a late
payment penalty if you have not paid at least 90 percent of
your total tax by that date.
Taxpayers needing Form 4868 or any other
federal tax form should act soon to be sure they have the
item in time to meet the April deadline.
Forms are available on this Web site or by
calling toll-free 1-800-TAX-FORM (1-800-829-3676).
Links:
Non-IRS Links:
Official
Payments Corporation
Link2Gov
Corporation
IRS Links:
Electronic
filing
Free
File
Electronic
payment options
Form
4868, Application for Automatic Extension of Time to File
U.S. Individual Income Tax Return (PDF)
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