If you didn’t file your federal tax return in April and filed for an extension, you have a big tax deadline coming up! The tax extension deadline is October 15th. That means you have to have your income tax return filed by that date or your tax return will be considered late. To help you make sure you file on time, here are a few tips for those taxpayers that took the extra six months:
File Your Taxes Online – The quickest and fast way to file is to file your federal tax return online. Filing electronically is the most accurate, safest, and easiest way to file your income tax return. You can file for free online through the IRS’ website. Those who file using a paper return are at a higher risk of making errors on their tax returns and it takes longer for those returns to be processed and filed.
Use Direct Deposit for Refunds – If you think or know you will be receiving a refund from filing your income tax return, the quickest and safest way to get that refund is by using direct deposit. It doesn’t matter if you file electronically or though a paper return, you have the option to have your refund deposited directly into one to three bank accounts. If you combine direct deposit with filing electronically, you will likely get your refund the quickest.
IRS Direct Pay – If you expect to owe taxes when you file your income tax return, you have a few options on how to pay. One of the easiest and quickest is using IRS Direct Pay. Direct pay is a simple and free way to pay directly from your checking or savings account. You can also pay via debit or credit card on the IRS’ website. Other payment options you have are Electronic Federal Tax Payment System, Same-Day Wire, Check or Money order or to pay it using cash at a retail partner. You can learn about the different payment options here!
Check Your Deductions– Always make sure you are claiming all the benefits you are entitled to. Don’t overlook credits or deductions you are qualified for such as the income and savings credits and education credits. These can either help you lessen the amount of taxes you owe to the IRS, or it can help you get a bigger tax refund from the government.
Keep A Copy – You should always keep a hard copy of your tax return and documents associated with your return for at least three years after you file. You should keep your return and documents in case of a tax issue with the IRS. Keeping your return will also help you when you are making estimated tax payments, adjusting withholding, and looking for roll over deductions on next year’s return.
DEADLINE, DEADLINE, DEADLINE – Make sure to file by October 15th. There are potential late filing penalties that can really add up over time and make your tax debt larger than it was.
If you need help filing your 2017 federal tax return, Polston Tax can help. Not only can our tax accountants help make sure you file on time and tax advantage of every deduction, our team can also help you find an affordable way to pay any taxes you may owe. Call us today at 844-841-9857 or click below to schedule your free consultation.