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Procrastinators Last Minute Guide to Tax Filings

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Preparing tax returns is not exactly fun stuff. Many leave the joyful task to the last minute. Well, the last minute is about here. Here are some tips to handle your taxes.

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 taxes 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.

While the IRS is pretty liberal when it comes to filing returns, the agency has a different attitude towards payments. Yes, you can have more time to file the return, but you better pay whatever you owe now or you will pay penalties and interest. Send in money with the extension.

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 first option is not to file. Instead, you can wait till you have the money to pay Uncle Sam. This is generally not a good idea since you will accrue penalties and interest on the entire amount due.

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.

Finding out you are due a refund is a blissful moment. Then greed sets in. When will you get it? You can go to the IRS site and find out. Just click the “where is my refund” link and follow the directions.

Filing taxes is one of those things we all tend to put off until the last moment. Well, the last moment is here!

Article Source: http://www.article-exposure.com

Find tax lawyers to fight the IRS at BusinessTaxRecovery.com.

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