The April 17 tax filing deadline is quickly approaching, and Americans who haven't yet filed their taxes may be scrambling to do so. Others who have already completed their returns, but owe a bill to Uncle Sam may be going through their resources to determine how to cover their balance. The good news is that there is still time to get everything done before the deadline, but individuals need to act quickly.
First, taxpayers who have not filed should contact their tax preparer
immediately to schedule the closest appointment. This will give them enough time to ask questions and go over their returns with their professional. After this, it's also important to gather all the paperwork needed to file - W-2's, 1099s, receipts, invoices and financial statements - and go over them carefully to make sure nothing is missing. When the tax deadline approaches, it's easy to make simple mistakes, so going through a quick inventory of all tax records can help cut down on these errors.
The same care should also be taken when filing taxes. Make sure all names, Social Security numbers, amounts and calculations are correct before submitting the return. Even small errors, such as inverted numbers can cause headaches during filing season, so double check all the information to avoid problems.
Adults who owe taxes and do not have enough money to cover the full amount should explore all their payment options. Individuals who owe less than $50,000 may be able to enroll in an installment agreement with the IRS to make monthly payments toward their balance. Individuals should also be aware of all their payment options to choose the best one for them. The IRS accepts checks, money orders, debit and credit cards. However, the latter two payment methods impose convenience fees, so taxpayers should keep this in mind before turning to this option.
Individuals who have already completed their taxes and are awaiting money back from the IRS can check the status of their refunds by accessing the IRS website to track their funds. Keep in mind that taxes that were filed electronically will be processed more quickly than paper filing.
Adults who have questions about their taxes during this period should contact a licensed tax preparer to make any necessary changes to their forms before the deadline.
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.
About Liberty Tax Service
Liberty Tax Service is the fastest -growing retail tax preparation company in the industry’s history. Founded in 1997 by CEO John T. Hewitt, a pioneer in the tax industry, Liberty Tax Service has prepared over 8,000,000 individual income tax returns. With 42 years of tax industry experience, Hewitt stands as the most experienced CEO in the tax preparation business, having also founded Jackson Hewitt Tax Service.
Liberty Tax Service is the only tax franchise on the Forbes “Top 20 Franchises to Start,” and ranks #1 of the tax franchises on the Entrepreneur “Franchise 500.” Each office provides computerized income tax preparation, electronic filing, and online filing through eSmart Tax.