Have you filed your 2018 federal tax return yet? If you haven’t filed your return, time is running out for you. If you filed for an extension to file your tax return, your deadline for filing is October 15th. That means you must have your income tax return filed by midnight or your tax return will be considered late. You can either file your taxes online or by paper return. If you still need to file your 2018 tax return, here are some things to keep in mind.
File Your Taxes Online
If you need to file your federal tax return, the best way to do it is to file it 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. When you file online, you automatically get a copy of your return and get confirmation that the IRS did receive your refund, so you don’t have to worry about it getting lost.
Use Direct Deposit for Refunds
Think you will get a tax refund when you file? If you think you will be receiving a tax 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 through a paper return, you have the option to have your tax refund deposited directly into your bank account. You can have it deposited in up to three different bank accounts. If you are filing electronically and choose direct deposit, you will likely get your tax refund the quickest.
Do You Owe the IRS Money?
While you filed an extension to file your federal tax return, you cannot extend your time to pay. You should have made a payment on the April 15th deadline, but if you didn’t, you need to try to pay the taxes you owe now. If you did not pay, you might have received letters from the IRS already. When you file your return, take the time to also pay what you can of the taxes you owe. You can pay directly on the IRS website. If you can’t afford the taxes you owe, you could ask the IRS for a payment plan or hire a tax attorney to help you get into a more affordable resolution.
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 rollover deductions on next year’s return.
If you need help filing your 2018 tax return or have other tax returns that you still need help filing, we can help. Polston Tax has a team of tax preparers and tax attorneys that can not only help you file any tax return but if you owe more taxes than you can afford, we can help you get into a resolution with the IRS. Give us a call today at 844-841-9857 or click below to schedule your free consultation.