11 Apr 10 Last-Minute Tax Tips
With the tax filing deadline just around the corner, it’s important to make sure your return is accurate and submitted on time.
Here are some helpful tax tips to guide you through the process:
- Tip #1: File Electronically – The IRS e-file system is available to all taxpayers, and many can file their individual returns for free. Last year, nearly 100 million taxpayers chose this fast, secure, and convenient option.
- Tip #2: Verify Identification Numbers – Double-check all identification numbers — typically Social Security numbers — for everyone listed on your return. This includes yourself, your spouse, dependents, and anyone related to tax credits like the Child and Dependent Care Credit or Earned Income Tax Credit. Incorrect or missing numbers can cause delays or reduce your refund.
- Tip #3: Review Your Math – If you’re filing a paper return, be sure to double-check your calculations, including any refund or amount owed.
- Tip #4: Use The Correct Tax Table – Electronic filers don’t need to worry — the software handles this automatically. But if you’re using Free File Fillable Forms or paper forms, make sure you’re using the correct figure from the tax table based on your filing status.
- Tip #5: Don’t Forget To Sign – Your return must be signed and dated. For joint returns, both spouses must sign, even if only one had income. If you used a tax preparer, they must also sign and include their Preparer Tax Identification Number (PTIN).
- Tip #6: Mail To The Correct Address – If you’re mailing your return, make sure it goes to the correct IRS address. You can find the right address at www.IRS.gov.
- Tip #7: Pay Electronically – Electronic payment options — such as electronic funds withdrawal, credit, or debit card — offer a safe, easy, and secure way to pay any taxes owed.
- Tip #8: Mailing A Payment? Follow These Steps – Make your check payable to the “United States Treasury.” Enclose it with your return or Form 1040-V (Payment Voucher), but don’t attach it. Be sure to include the Social Security number of the primary taxpayer, a daytime phone number, the tax year, and form type (e.g., 1040).
- Tip #9: Need More Time? Request An Extension – If you can’t file by April 15, request an extension. Just remember — an extension to file is not an extension to pay. Any taxes owed are still due by the deadline.
- Tip #10: Visit IRS.gov For Resources – Forms, publications, and answers to common tax questions are available anytime at www.IRS.gov.
Executive Summary: As the tax deadline approaches, it’s important to ensure your return is accurate and submitted on time. Key tips include filing electronically for speed and security, double-checking Social Security numbers and calculations, and ensuring you have used the correct tax tables.
- Don’t forget to sign your return—both spouses must sign joint filings—and mail it to the correct IRS address if filing by paper.
- Consider electronic payment options for convenience, and follow proper steps when mailing a payment.
- If you need more time, request an extension by April 15, but remember this doesn’t extend your payment deadline. Visit IRS.gov for forms, instructions, and additional guidance.
Original content by the Drip Marketing Inc.. This information is provided with the understanding that Payroll Partners is not rendering legal, human resources, or other professional advice or service. Professional advice on specific issues should be sought from a lawyer, HR consultant or other professional.