Tax Extension Deadline Filing Tips
Many people file their income tax returns on time. However, a few people require an extension of the deadline to get everything in order. The IRS provides an allowance for procrastinators. During this time, there are certain things that you need to do to ensure your filing process goes through smoothly. in this article, we take a look at the most effective tax extension deadline filing tips.
Paying in installments
The first tax extension deadline filing tip is crucial. You must realize that getting an extension does not mean that the deadline of payment has been elongated. To avoid penalties, you must strategize how you are going to pay your taxes. This can be done through monthly installments prior to the deadline. Another way to lessen the burden is through offers in compromise. If you qualify for an offer in compromise, your tax debt can be settled for a fraction of the amount. The last tip would be to request the IRS to delay their collection. This delay should give you ample time to improve your financial situation.
Free Filing Options
The National Consumers League has come up with some ways to help people file their returns for free. The first way is through the Volunteer Income Tax Assistance Program. This program is enrolled throughout the country and gives help to those earning less than fifty-four thousand dollars. If you qualify, you can get assistance from professionals at no cost. The other advantage is that you get to retain the full sum of your refund.
The second option is to use the IRS’s Free File Program. The program is available to a large portion of the population. It gives access to branded tax filing software that helps you file your income tax return. The bracket of people who qualify ought to earn less than sixty found thousand. Using these two systems could make your work easier during the tax extension deadline.
Phishing scam warnings
This is one of the tax extension deadline filing tips that will help you preserve your security. The number of phishing scams has been on the rise. The IRS warns people against divulging their personal information through phone calls or emails. These are often scammers who take advantage of naive citizens. Most scammers will want you to verify the last four digits of your social security number. It is crucial to remember that government offices will not contact you for such information through email or phone calls. In case you receive such a phone call, you should contact your employer immediately.
The quickest way to receive refunds is through direct deposit. The IRS tries to process as many as nine out of ten refunds in less than twenty-one days. It is important to call to confirm whether your refund is being processed if it has been twenty-one days since electronically filing or six months since manually filing.
These tax extension deadline filing tips will help you have a smooth process as you try to beat the deadline.