If life gets in the way, and you find yourself filing your tax return at the last minute, you should be extra sure you have everything correct and complete the process as timely as possible.
Follow these steps if you find yourself filing on April 15th.
File an Extension
You can apply for an extension by filling out Form 4838 and either submitting a paper copy or electronically. It’s a relatively simple process, and while the IRS can grant it automatically, it doesn’t mean you have an extension to pay your taxes just that you have an extension for filing them.
Installment Agreement
If you didn’t want to file your taxes because you owe an amount larger than you can pay at once, you shouldn’t avoid filing. Instead apply for an installment agreement, which allows you to make payments over a set time. However, it does cost $105 to initiate an agreement, but if the IRS can automatically debit your funds, the cost decreases to only $52. Use IRS Form 9465.
Ensure Correct Banking Info
Make sure if you chose to file electronically that you have submitted the correct routing and account number to the IRS. In doing so, you’ll get your money directly deposited into your account, and have your money sooner. But this also leads to common mistakes from taxpayers rushing to complete their return.
Social Security
Be sure to enter the right social security number, as hurrying leads to more mistakes. Double check your personal information, as incorrect info can alert auditors. Incorrect dependent SSN can disqualify you for certain tax credits, too.
Remember to Sign
Last but not least, always ensure you have signed your return, whether on paper or electronically. You and your tax preparer should sign, if you had assistance in completing the return.
Generally, the post office in some places have extended hours on April 15th to ensure that those last minute filers get their returns post marked in time. Though this doesn’t apply to every post office, so make sure to check with yours locally before mailing your return. In order to avoid late penalties, you return has to be submitted by midnight, on April 15th.
