Back in the 1980’s I lived in the San Fernando Valley near the main post office. At about 9 pm on April 15th, I would walk my dog to the post office to watch the late tax filers. A line of cars always stretched around the corner and up the 405 Sherman Way freeway offramp up into the slow lane. But the best part were the anti-tax people protesting the existence of the income tax. They would be picketing in front of the post office telling drivers not to throw their returns into the large canvass bins manned by postal employees. What a circus, I loved it.
If you are one of those last minute people, here are some tips from the IRS:
1. File electronically Most taxpayers file electronically.
If you haven’t tried it, now is the time! The IRS has processed more than 1
billion individual tax returns safely and securely since the nationwide debut
of electronic filing in 1990. In fact, 112 million people — 77 percent of all
individual taxpayers — used IRS e-file last year.
2. Check the identification numbers Carefully check
identification numbers — usually Social Security numbers — for each person
listed. This includes you, your spouse, dependents and persons listed in
relation to claims for the Child and Dependent Care Credit or Earned Income Tax
Credit. Missing, incorrect or illegible Social Security numbers can delay or
reduce a tax refund.
3. Double-check your figures If you are filing a paper
return, double-check that you have correctly figured the refund or balance due.
4. Check the tax tables If you e-file, the software will do
this for you. If you are using Free File Fillable Forms or a paper return,
double-check that you used the right figure from the tax table for your filing
status.
5. Sign your form You must sign and date your return. Both
spouses must sign a joint return, even if only one had income. Anyone paid to
prepare a return must also sign it and enter their Preparer Tax Identification
Number.
6. Send your return to the right address If you are mailing
a return, find the correct mailing address at www.irs.gov.
Click the Individuals tab and the “Where to File” link under IRS Resources on
the left side.
7. Pay electronically Electronic payment options are
convenient, safe and secure methods for paying taxes. You can authorize an
electronic funds withdrawal, or use a credit or a debit card. For more
information on electronic payment options, visit www.irs.gov.
8. Follow instructions when mailing a payment People
sending a payment should make the check payable to the “United States Treasury”
and should enclose it with, but not attach it to, the tax return or the Form
1040-V, Payment Voucher, if used. The check should include the Social Security
number of the person listed first on the return, daytime phone number, the tax
year and the type of form filed.
9. File or request an extension to file on time By the
April 17 due date, you should either file a return or request an extension of
time to file. Remember, the extension of time to file is not an extension of
time to pay.
10. Visit IRS.gov Forms, publications and helpful
information on a variety of tax subjects are available at www.irs.gov.
If you hire a CPA to help you file, you don’t have to worry about these things. But, just like dancing, everything in taxes depends on timing. So, make sure you stay in step, or it can cost you penalties or delays. Discuss this with a tax professional before making any decisions.
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IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the U.S. Department of the Treasury and Internal Revenue Service, we inform you that any tax advice contained in this e-mail (including any attachments) is not intended or written to be used, and may not be used, for the purpose of (a) avoiding penalties under the Internal Revenue Code or state tax authority, or (b) promoting, marketing, or recommending to another party any transaction or matter addressed herein.