Income tax time can be very stressful. Here are a few tips to help relieve the stress.
Be organized. I suggest to clients that they have a folder to file all tax related items into as they receive them. Mail that you receive has been labeled Important Tax Information should be placed in the folder along with items that you receive during the year such as receipts that you receive from charitable donations.
Always e-file your return if at all possible. That way you can be sure of the numbers going to the IRS are the correct ones. When you file a paper return, there is a great chance that a human error could occur when the numbers are put into the IRS computer.
Even if you think that you will owe the IRS, file your return in February. If you do owe, you will still have until April 15th to send your payment to the IRS. This gives you time to prepare for the payment. And sometimes I have clients who are pleasantly surprised because they are actually receiving a refund!
Most people think that filing an extension means that you are extending the time you can pay the IRS. All money due the IRS is due on the fifteenth, so even if you file an extension, you must send the amount that you think you may owe. One other hint, if you have questions you can always call me. I do not charge to answer tax questions. In fact, if you have a group of people that would like more information on taxes, I would be happy to come do a presentation. You can reach me at [email protected] or during the tax season at 785-271-4214