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Dealing With The Coming Tax Deadline

By: Rich Chappo

Preparing tax returns is not exactly fun stuff. Many leave the joyful task to the last minute. Well, the last minute is about here. Here are some tips to handle your taxes.

The good news is you have a few extra days to file in 2007. The tax code is based on business days. Any deadline that falls on a weekend is automatically bumped to the following Monday. That is the case this year, so you have to the 17th to file.

Last minute filers tend to fall into two categories. They either knuckle down and get it over with or throw up their hands and file an extension for more time. Form 4868 is the filing you need to make if you want to extend.

The IRS automatically accepts the tax filing extension. It is also good for a six month period. This means you have until October 16th to file your personal returns. You can request a second extension then, but they are not often granted.

There is something important to understand about your automatic extension. It is only an extension to file. You still are required to pay all the money you owe. Failure to do so will lead to the assessment of penalties and interest when you finally do file.

The tax filing deadline can come at a bad time for many people. You might be ready to file, but do not have the money to pay the amount due. What should you do?

The steps taken by most people is, well, to take no steps at all. They simply don’t file in hopes that they can do so later when they have the cash to pay. This is not the best of ideas.

If you are ready to file, but short on cash, go ahead and file. Send in what you can even if it is less than you owe. The IRS will send you a notice of shortfall. You can then request a payment plan.

The advantage of this second approach is you save money. Since you have sent in at least some money, the amount you will receive penalties and interest on is less. This, of course, means you pay less ultimately.

If you are ready to pay your tax liability, there are a couple of ways. You can pay by check as has always been the case. You can also pay by credit card by going to officialpayment[dot]com. You will pay a service fee for using the online system.

Tax refunds are beautiful things. Of course, you never know if you are due one until you figure out your return. If you are, you can apply it to next year’s taxes or get it back. To check on the status of your refund check, visit the IRS site to get a real time report.

Filing taxes is one of those things we all tend to put off until the last moment. Well, the last moment is here!

Article Source: http://www.simplepetcare.com/pet-articles

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