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As we move into April, tax deadlines are on the horizon. Since getting taxes 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. Preparing tax returns is a complex matter. If you don’t believe me, just try reading one set of instructions kicked out by the IRS. Instead of doing a sloppy preparation, you might want to get more time. 4868 is the form you need to file. The good news for extension filers is two fold. First, the extension is granted automatically. Second, the period has been extended from three months to six months. This longer period, however, also means the IRS is unlike to grant a second extension. 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. Nothing is worse then preparing your return and then realizing you don’t have enough money to pay the amount due. This leads to quandary and massive headache. Is there any potential relief? 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. Tax refunds are beautiful things. Of course, you never know if you are due one until you figure out your return. If you are, you can apply it to next year’s taxes or get it back. To check on the status of your refund check, visit the IRS site to get a real time report. Much like taking the trash out, taxes are just something you have to deal with. The deadline is almost upon us. Whatever you do, make sure you do something.
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