What Procrastinators Need To Know About Filing Their Taxes
(CBS MoneyWatch) - Life can get complicated this time of the year — between work and friends, spring break and spring cleaning and everything else, time goes by quickly. And for some of us, that means putting off filing taxes until the last minute. If this sounds like you, you are not alone. According to the IRS, 20 to 25 percent of Americans wait until the last two weeks before the deadline to file their taxes.
If tax time snuck up on you this year, here are a few tips:
The most important thing you can do if you are short on time is to make sure you are organized. Compile all of your documents — W2, 1099, proof of charitable donations, everything — in one place. That way you can be ready to get your taxes done in one or two sittings. Also, be willing to ask for help. If you have changes to your taxes this year that you aren’t quite clear on or don’t fully understand, pick up the phone. The IRS will clarify any questions you have.
Second, if you are cutting it really close, consider e-filing your taxes. These returns tend to be processed faster and have fewer mistakes.
If you still need time to work on your taxes, you can also apply for an automatic extension, which gives you until Oct. 15, 2014, to file your return. That doesn’t mean you can also delay paying your taxes if you owe the IRS — a fact that trips up many filers. An extension to file is not an extension to pay. If you owe taxes, you still must pay all or most of your taxes, or work with the IRS to establish a payment plan.
You May Also Be Interested In These Stories
- MN Dept. Of Rev: Refunds From Tax Law Change On The Way
- Can’t Pay Your Taxes? Here’s What You Can Do
- 7 Deductions That Lower Your Taxable Income
- Minn. Has The 6th-Highest Taxes In The U.S., Census Bureau Says