With the month of April in progress, we are approaching the end of tax season 2016. This means that taxpayers who are not yet registered or must file their return or request an extension before April 18. If you're one of the many last minute filers, here are some things you'll want to keep in mind.
Pay attention to all the details
deposit later in the tax season has some major drawbacks - especially when you are thank you circumstances. Unlike the early filers later reporting no longer have the luxury of putting off filing, even if the circumstances of life make it difficult deposit or impossible. Overall, the subsequent deposition creates pressure, which makes understandable the most errors that occur added.
Contrary to popular belief, the modification of a general return does not raise red flags to the extent that the audit is concerned. Although, while it might seem like there is no penalty for making a mistake on your statement, it is obviously a situation that you want to do your best to avoid. As such, you'll want to keep an eye on the most common last-minute filers make mistakes. In general, you will also need to go to one of your folders again, in case you missed something. Even if you are e-filing, it is important not to overlook anything in double checking your work or have someone you trust, such as your spouse or parent, check your work.
Be aware of cybersecurity
This was a tax time, not just for filers and IRS agents, but for fraudsters as well. The IRS noted earlier in the season that the specific types of scams, namely those of phishing and email, were up 400% this year. The frequency of tax-related scams is, of course, the longest of the season and closer to Tax Day, but simply because it is almost the end of the season does not mean you're off the hook - some types of tax scams occur throughout the year. Although it may seem scary, the same cybersecurity security practices applicable to anything else also apply to the filing, so there are ways that you can try to protect you.
In addition to cybersecurity aware, you need to be on the lookout for written communications from the IRS informing you that something may be wrong with your tax return. Remember that the IRS you will first contact the taxpayer by mail; e-mail, contact-based telephone message and the text is likely to be an attempt to defraud you, which could be an indication that your identity has been stolen. That said, if you are late on payments to the IRS, you should know that collectors of private debt can now help the IRS go after these funds. If you believe you have been tax identity theft, be sure to consult the IRS guide to identity theft and file a complaint with the FTC.
consider filing an extension
It is not too late to file an extension, you have until the last day of the tax season to do so. As stated by the IRS, the process is quite simple - you can either use an electronic filing software or mail in Form 4868 (postmarked by Tax Day). If you decide not to file an extension, remember that payments are due by Tax Day, April 18. If you can not afford to make a full payment, the IRS offers payment plans and can work with you to develop a payment solution. If you file an extension and anticipate that you owe money, you can also consider paying the IRS with a credit card, you'll have extra time to apply, receive the card and pay the balance in full before the deadline extension.
I do not know how to file your taxes online? Check our review preparation software returns to find an e-filing service that works for you.