Last Minute Tax Filing
Reminders for Last-Minute Tax Filers
WASHINGTON –– With the April 15 tax filing deadline right around the corner, the Internal Revenue Service offers taxpayers who have not yet filed a few last-minute tips.
Don’t Miss the Deadline
If you have a balance due and don’t file a tax return by April 15, you face interest on the unpaid taxes as well as a failure-to-file penalty. Interest and penalties are added to your balance due. If you can’t file by the deadline, request an extension of time to file.
Get Recovery Tax Breaks
Last year’s American Recovery and Reinvestment Act created a full slate of tax breaks, which can be claimed on tax returns right now. These include:
- The Homebuyer Credit
- Making Work Pay Credit
- American Opportunity Credit
- Home Energy Credit
- New Car Tax and Fee Deduction
Choose Direct Deposit for Refunds
Whether you file electronically or on paper, your refund can be automatically deposited into the bank or financial account of your choosing. Direct deposit is faster than a paper check. If you e-file and use direct deposit, you will receive your refund even faster. Direct deposit is also more secure than a paper check since a direct deposit goes directly into your account and cannot be lost in the mail or stolen.
Check for Errors
Tax software finds common errors on electronically prepared returns. However, if you file on paper, you can avoid delays in processing and follow-up questions from the IRS by:
- Double-checking all figures
- Ensuring Social Security numbers are correct
- Signing forms where required
- Attaching required schedules and forms
- Mailing returns or request extensions by the April 15 filing deadline
- Pay Electronically
Request an Extension of Time to File
If you can't meet the April 15 filing deadline, get an automatic six-month extension of time to file by filing Form 4868, Automatic Extension of Time to File. The form needs to be submitted by April 15.
Apply for an Installment Agreement
If you can’t pay your entire balance due, an installment agreement will allow you to pay any remaining balance in monthly installments. If you owe $25,000 or less, you may apply for a payment plan using the Online Payment Agreement application or just attach Form 9465, Installment Agreement Request, to the front of your return. You’ll need to list the amount of your proposed monthly payment and the date you wish to make your payment each month. The IRS charges $105 for setting up the agreement, or $52 if the payments are deducted directly from your bank account.
