Are You Running to the Post Office Right Now? - Tips for All You Last Minute Tax Filers on April 15

By: Howard I Schwartz
Submitted: 2007-01-17 16:16:44
Print this article | Tell a friend | For publisher | Social Bookmarking
Rating:
 

The preparation that goes into filing taxes becomes more ardent as April 15 comes closer. According to the Internal Revenue Services (IRS), the last day for filing your taxes is April 15. Most of people who lag behind the schedule because of various reasons have to pay a penalty for filing their returns late.

If you’re one of those who remember on April 14 that you have to file taxes the next day, then, understanding the minute instructions, putting all the receipts and documents together becomes very difficult.

According to some people it is better to file the taxes late and pay a penalty than filing it with errors on the last day (you have to talk to your own tax advisor on this comment). Yet, there are ways in which the long lines at the Post Office can be tolerated on the last day.

The lines at the post office are huge and they get bigger by midnight. But before you line up in front of the post office, you need to have the appropriate form to file a return. The federal tax forms are available at all the IRS local offices, the IRS website, and you can also call up the IRS at 1-800-TAX-FORM.

There are things other than just filing your return by standing in the post office lines. Taking a print out of your return that you are about to file also takes a lot of time. So, make sure that you have enough time at your hands before standing in that awful line.

Many taxpayers today go online to file their returns (e-file), as it is a comparatively easier and securer method to file taxes by sitting in the comforts of your home. Filing your returns online is recommended by a number of taxpayers.

The IRS is expecting more than 84 million individual income tax returns out of which more 50 million returns are expected to be filed online. For filing you taxes online you can log on the IRS website.

Try to avoid some common errors that people are prone to make due to the rush. Some of the errors and mistakes that top the IRS list include:

-Forgetting to include the W-2 with the return.

- Reversing the envelopes for federal return and state return. Putting the documents for one in the other envelope and vice versa.

- Forgetting to sign your return.

- Filling incorrect information like your wrong Social Security Number (SSN), and other things.

- Excluding the deductions that you get on the Lifetime Learning credits, Hope scholarship credits, student loan interests, adoption, child credits, health insurance premiums for the self-employed, and higher education expenses.

Your return should always give the amounts that are shown on the W-2 (wages), 1098 (mortgage interest) and the 1099 (non-employee compensation such as interest and dividends). If the amounts are not the same, then, attach an explanation.

A private delivery service, or a certified mail is the best way in which you can file your taxes through the mail. With certified mail, you will be able to get the PoD or proof of delivery.

You should also review filing the Alternative Minimum Tax, or Form 6251 to avoid any sort of penalties and interests in the future.

Going to any tax professional, or using tax software can ease you job so that in spite of the delay you are in a position to file your returns by the due date - the mighty April 15th!

Tax Tips - http://www.tax-definition.org

About The Author
Howard Schwartz is a partner in several business strategy groups, including HJ Ventures International, Inc. Howard has worked with hundreds of entrepreneurs worldwide with a focus on writing Business Plans for companies interested in raising capital from Venture Funds and Angel Investors. Howard’s business plans have secured several million dollars in funding. For more information: http://www.tax-definition.org.

Article source: Expert Articles

Most Recent Articles in Taxes category

  • Use the Appraisal District's Information to Reduce Your Property Taxes - By: Patrick C O Connor
    Homeowners are amazed to learn they can obtain a copy of the appraisal district's evidence at a nominal cost. This is referred to as a House Bill 201 package, and is the only information many homeowners use to successfully reduce their property taxes.
  • Tax Return Outsourcing - Cost and Time Effective Services - By: Michelle Barkley
    Tax return outsourcing has simplified the cumbersome task of maintaining tax returns files and data in an efficient manner.
  • Optimise Savings with an Offshore Account - By: Isla Campbell
    Offshore accounts, based in the Channel Islands, the Isle of Man and Ireland, offer many benefits to those wishing to set up a savings account. But what are the advantages of cash conservation offshore.
  • Texas Business Personal Property Rendition and Taxation - By: Patrick C O Connor
    The Texas Property Tax Code for many years had required owners of business personal property (BPP) to annually render those assets used in a business. Rendering is summarizing to the central appraisal district the ownership and value of the assets. Historically, however, over half of all owners of business personal property have not rendered.
  • How to sustain current economic slump? - By: Mark Waltzer
    Small businesses need professional accountants but their services are too expensive so it's better to hire an outsourcing vendor providing cost-effective accounting services and allow them to take your business to next level.
  • Texas Property Tax Appeals - By: Patrick C O Connor
    Texas Property Tax Appeals Steps to Protesting and Reducing Your Property Value Annually
  • Taxes - By: Patrick C O Connor
    Taxes are a levy imposed upon people or legal entities by a governmental entity. There are many forms of taxes including income taxes, property taxes, capital gains taxes, consumption taxes, excise taxes, retirement taxes, sales taxes, tariffs, toll taxes and transfer taxes. This article focuses on reducing income taxes for real estate owners.
  • Gift Tax Valuations - By: Patrick C O Connor
    Gift tax valuations are prepared for many reasons. Gift tax includes market value of gifts to charity, market value of conservation easements and gifts in excess of annual limit. Well-reasoned planning of gifts can minimize gift taxes, income taxes, and estate taxes.
  • Please keep your hands out of my pockets Uncle Sam!: Business tax savings you should know about. - By: Amar Brown
    Many people are unaware that a business including a home based business can mean thousands of dollars in tax advantages per year. Thousands that you can put back into you pocket. Here are a few tips on keeping Uncle Sam Out of your pockets and keeping more of your hard earned money in.
  • Cost segregation - correctly depreciation real estate 10 - By: Patrick O'Connor
    Depreciation is an important non-cash tax deduction. By increasing tax deductions, commercial property owners affect federal income tax reduction. The increase in tax write-offs generates such a large tax cut that some wonder if it is a tax shelter or tax evasion scheme. It is not. Cost segregation is an IRS-guided process used to increase tax deductions during the tax preparation process. The IRS has provided a detailed explanation of the items that qualify for short-life depreciation and acceptable methodologies for performing a cost segregation study. Cost segregation studies performed by appraisers in compliance with the IRS's Audit Techniques Guide are unlikely to be challenged in an audit. Commercial real estate owners seeking tax advice and tax relief can benefit from reviewing the tax relief available from cost segregation.