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: The tax deadline is fast approaching and many last-minute filers are still waiting for the final moment to prepare their federal tax documents—despite having the cut-off date extended this year to April 18 from the usual April 15 deadline. According to the Internal Revenue Service, up to 25% of filers submit their paperwork in the last two weeks before the deadline. Being that today is April 11, BlackEnterprise.com spoke to IRS Media Relations Specialist Jodie Reynolds to get the 4/11 about the benefits of filing electronically, in what case filing for an extension is a feasible option, and the importance of verifying information. So, for those who haven’t gotten around to compiling a year’s worth of paperwork or individuals just brave enough to chance the fast turnaround, here are 11 tips that will have you (and your finances) in order in the final days of this tax season.

: <ul> <li>Find Out if You Even Have to File</li> <li>Ever wonder if you actually need to file a federal income tax return? Well, you may be onto something. Identifying whether or not you need to file will save both you and the government time and money. People can check the <a href="http://www.irs.gov/individuals/index.html" target="_blank">Individuals</a> section of the IRS website or use their <a href="http://www.irs.gov/ita/" target="_blank">Interactive Tax Assistant</a> tool to see if they qualify.</li> </ul>

: <ul> <li>Know Your Status</li> <li>Select the filing status that reflects your situation. There are five filing statuses: Single, Married Filing Jointly, Married Filing Separately, Head of Household, and Qualifying Widow(er) With Dependent Child. (Read Publication 501, Exemptions, Standard Deduction, and Filing Information to determine the filing status that best fits your status.)</li> </ul>

: <ul> <li>Have Your Paperwork in Order </li> <li>Valuable time is lost trying to gather essential papers, such as interest statements and W-2 forms. To avoid the last-minute shuffle, collect all necessary materials prior to filing out your taxes.</li> </ul>

: <ul> <li>File Electronically</li> <li>Last year alone, 99 million people—70 percent of all individual taxpayers—used IRS e-file to electronically transmit their tax returns, according to the government agency. With electronic filing, you can literally submit your taxes up until the very last second without penalty. E-filing is an easy and cost-effective method to filing your taxes. Plus, it does the math for you. If you’re concerned about not knowing all the credits you qualify for, remember, most software programs have step-by-step instructions, which increases accuracy and the possibility of receiving a larger refund. Those with an adjusted gross income of $58,000 or less may be able to use the IRS’s <a href="http://www.freefile.irs.gov/" target="_blank">Free File</a> option, where taxpayers use online software donated by <a href="http://turbotax.intuit.com/" target="_blank">TurboTax</a> and other tax agencies. </li> </ul>

: <ul> <li>Check and Double-Check Inputted Figures</li> <li>Unlike e-filing, paper returns require that you double-check recorded numbers manually. Make sure you have correctly figured out the refund and balance due. For those wanting to cut out the middleman when it comes to your returns, combine e-file and direct deposit. With paper checks constantly being returned by the U.S. Post Office, direct deposit eliminates the chance of your refund check being returned, lost or stolen. Plus, your refund may arrive in as few as 10 days.</li> </ul>

: <ul> <li>Verify ID Numbers</li> <li>Review documents to make sure you haven’t missed or written down an inaccurate social security number for each person listed. Inaccurate social security numbers can delay or lessen your tax refund. The same goes for listed bank account information. If you are due a refund and are requesting direct deposit, check the routing and account numbers.</li> </ul>

: <ul> <li>Seal it With a Signature</li> <li>Your return must be signed and dated. If you’re married, both spouses are required to sign a joint return—even if only one had income. Also, anyone paid to prepare a return must sign it. Those e-filing, need to sign the form electronically using a Personal Identification Number (PIN).</li> </ul>

: <li>Make Sure You Have the Correct Mailing Address</li> <li>Those mailing their return should check the exact mailing address used. It’s listed under the <a href="http://www.irs.gov/file/index.html" target="_blank">Where to File</a> section of the IRS resources.</li> </ul>

: <ul> <li>Set up Electronic Payments</li> <li>Instead of sending a check or money order, set up an electronic funds withdrawal via credit or debit card or sign-up in the U.S. Treasury’s <a href="http://www.irs.gov/efile/article/0,,id=98005,00.html" target="_blank">Electronic Federal Tax Payment System (EFTPS)</a>.</li> </ul>

: <ul> <li>Request an Extension, Only if Necessary</li> <li>As the deadline nears, you should decide whether or not you’d be filing a return or an extension. Filing for an extension of time does not mean you have more time to pay any tax due, rather just provides you with more time to get your files in order. Remember, you can always file your return on time and pay as much as you can upfront.</li> </ul>

: <ul> <li>When it Doubt, Ask Questions</li> <li>Tax related forms, publications and additional information is available on the <a href="http://www.irs.gov/" target="_blank">IRS website</a>. Filers can also call the <a href="http://www.irs.gov/taxtopics/" target="_blank">TeleTax Topics</a> hotline at (800) 829-4477.</li> </ul> <a href="http://www.irs.gov/" target="_blank">Source</a>

Posted: April 11, 2011

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