The Internal Revenue Service has taken a number of steps this filing season to make things as easy as possible for taxpayers who may be rushing or experiencing stress as they try to finish up in time for the April 15 deadline.
A recent IRS announcement offered some basic tips that people can follow as they finishing up their tax-filing procedures.
Overall, one of the most important things is to avoid missing the deadline, since this could result in penalties, including a failure to file fee, as well as interest charges. One solution to this situation could be to request an extension for more time to file, and to pay as much as possible by April 15 to minimize any additional interest and penalty charges.
The IRS announcement also provides a list of tax breaks available under the economic stimulus bill so that people can be sure they are taking full advantage of all the deductions available to them. People can save additional time by filing their taxes electronically and by arranging for their refunds to arrive via direct deposit.
Another thing that may be useful for consumers to consider is hiring a professional tax preparer who is well-versed in the nuances of the tax code.
Every effort has been taken to provide the most accurate and honest analysis of the tax information provided in this blog. Please use your discretion before making any decisions based on the information provided. This blog is not intended to be a substitute for seeking professional tax advice based on your individual needs.