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Procrastinators Last Minute Guide To Tax Filings
By Rich Chappo
As we move into April, tax deadlines are on the horizon. Since getting prepared is pretty low on most people’s list of things to do, you might need some last minute tips.
The good news is you have a few extra days to file in 2007. The tax code is based on business days. Any deadline that falls on a weekend is automatically bumped to the following Monday. That is the case this year, so you have to the 17th to file.
Many people prefer not to rush when preparing taxes. After all, an error can cost you a lot of money. You can get an automatic extension to file your by filing form 4868.
The IRS automatically accepts the tax filing extension. It is also good for a six month period. This means you have until October 16th to file your personal returns. You can request a second extension then, but they are not often granted.
Taxpayers often misunderstand tax filing extensions. The extension only applies to the actual filing of the tax return. Unfortunately, it does not require to the payment of money. The IRS wants its cash now, so you need to pay something if you think you will owe.
The tax filing deadline can come at a bad time for many people. You might be ready to file, but do not have the money to pay the amount due. What should you do?
The steps taken by most people is, well, to take no steps at all. They simply don’t file in hopes that they can do so later when they have the cash to pay. This is not the best of
ideas.
A better option is to go ahead and file the tax return. You should also send in what you can for payment. The IRS will then send you a notice that you have underpaid. You can then request a payment plan by going to the IRS website.
The advantage of this second approach is you save money. Since you have sent in at least some money, the amount you will receive penalties and interest on is less. This, of course, means you pay less ultimately.
Assuming you are ready to file and have the money, how do you go about actually making payment? Most just send in a check made out to the United States Treasury. The IRS now also allows credit card payments. Visit the agency online to find an approved vendor.
Many people are happy to learn they are actually due a refund on their taxes. If you fall into this group, you might want to know when the heavenly money will be coming. Visit the site for the IRS and follow the link on the home page.
Much like taking the trash out, are just something you have to deal with. The deadline is almost upon us. Whatever you do, make sure you do something. Get more information on taxes at BusinessTaxRecovery.com.
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