With only a couple of weeks remaining until Tax Day, we thought we’d share some last minute tips to assist the remaining 25% or so of taxpayers who file their taxes during this period. Here are 10 tax filing tips and the most popular helpful links for our procrastinating blog readers out there.
1. Get organized before sitting down to prepare your tax returns. Collect all your tax documents and information, including W-2s, 1098s, 1099s, receipts and a copy of last year’s return. Worried about forgetting something? Use TaxACT’s checklist at www.taxact.com/checklist or the list on our free mobile companion app, TaxACT Central. You can download the app at http://www.taxact.com/mobile/taxact-central/.
2. Forgot your TaxACT Online user name or password? Go to: http://www.taxact.com/tsupport/FAQDisplay.asp?Question=325/.
3. To get free help in TaxACT, sign in to TaxACT (or open your desktop application) and click on the Help tab for specific information about that interview question. You can also search TaxACT’s Answer Center or e-mail us from there.
4. Check for these common errors before you file: incorrect SSNs, misspelled names, filing status errors, and incorrect bank account numbers for direct deposit or payments.
5. Find out ways you can review your return on TaxACT at: http://www.taxact.com/tsupport/FAQDisplay.asp?Question=522/.
6. E-file for peace of mind and the fastest refund. E-filed returns are processed faster than paper returns, and e-filers receive confirmation when their returns are processed, usually within minutes. If you owe taxes, you can e-file at any time and schedule payment via electronic funds withdrawal or credit card up until the filing deadline. For the fastest refund possible, e-file and choose direct deposit. Most states encourage e-filed returns. You can check the status of your e-filed return 24/7 at efstatus.taxact.com, m.taxact.com and in TaxACT Central.
7. Step-by steps instructions on how to e-file in TaxACT: http://www.taxact.com/tsupport/video/video-tax-topics.asp?t=13.
8. Want to confirm whether or not your return has been filed using TaxACT? Visit: http://www.taxact.com/tsupport/FAQDisplay.asp?Question=551.
9. How to print your return: http://www.taxact.com/tsupport/FAQDisplay.asp?Question=635.
10. Since April 15 lands on a Sunday this year, the IRS is giving taxpayers two extra days to file their taxes. Try not to miss the April 17, 2012 filing deadline. If you need more time, submit IRS Form 4868 for an automatic 6-month extension to file. Remember – an extension to file is not an extension to pay. Pay any taxes due by the 17th to avoid late payment penalties and interest. Filing late will result in a 5% per month penalty, up to a maximum for 25% of the unpaid balance, and the failure-to-pay penalty is 0.5%. Call the IRS to discuss payment plans and options if you can’t pay your bill in full. State extension rules and deadlines vary, but an extension to file gives you until October 15, 2012 to file your federal tax return. It’s free to prepare, print and e-file federal and state extensions on TaxACT.com.