Last Minute Tax Tips

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Posted on 04/13/2012

Taxpayers may have a little extra time this year thanks to a holiday in Washington DC, but April 17 is still approaching quickly. Need some motivation to kick your accounting skills into high gear? Check out these last minute tax tips.


File For Free If you’re putting off your taxes because you don’t want to pay the fees to file, then check out the IRS’s freefile option. You must have an adjusted gross income of less than $57,000 which means about 70% of taxpayers are eligible.


Fill Out Form 4868
If you really don’t think you can cut the April 17 deadline, then at the very least you’ll want to fill out Form 4868, an Application for Automatic Extension of Time To File US Individual Income Tax Return. Follow the instructions carefully to make sure you won’t get stuck with a penalty.


Ask an Expert About Installments
If you’re not able to pay Uncle Sam what you owe, then you may be able to make payments in installments. Check with your accountant or tax professional about the best way to move forward. The worst thing you can do is avoid the situation because even after April 17 passes, your tax obligation won’t go away.


Reward Yourself With a Free Massage
Need an incentive to get your taxes filed (other than the fact that you could be in hot water if you don’t)? Then focus on rewarding yourself with a free HydroMassage. Visit Hydromassage.com to print your coupon and find a location near you offering free massages from April 16-20.


Don’t Do This Next Year
Need more incentive to not wait until the last minute? According to a new survey from TechBargains.com, procrastinators pay an average of $163 to get their taxes done, while early filers pay $87 on average. So the longer you wait the more you’ll probably have to pay to get the job done.


By Alison Storm


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