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Tax

Haven’t Filed Your Taxes Yet? Don’t Panic

It’s April already. Are your taxes done? If not, here’s some last-minute tax advice for you:

  • Don’t Procrastinate Anymore – Resist the temptation to put off your taxes until the very last minute. Our office needs time to prepare your return, and we may need to request certain documents from you, which will take additional time.
  • Don’t Panic If You Can’t Pay – If you can’t immediately pay the taxes you owe, consider some alternatives. You can apply for an IRS installment agreement, suggesting your own monthly payment amount and due date, and getting a reduced late-payment penalty rate. You also have various options for charging your balance on a credit card. There is no IRS fee for credit card payments, but the processing companies charge a convenience fee. Electronic filers with a balance due can file early and authorize the government’s financial agent to take the money directly from their checking or savings account on the April due date, with no fee.
  • Request an Extension of Time to File – But Pay on Time – If the clock runs out, you can get an automatic six-month extension, bringing the filing date to October 17, 2012. The extension itself does not give you more time to pay any taxes due. You will owe interest on any amount not paid by the April deadline, plus a late-payment penalty if you have not paid at least 90 percent of your total tax by that date. Call us for a variety of easy ways to apply for an extension.

Remember: Get your documents to us as soon as you can, and we’ll help you take care of whatever comes up.

Accounting Tax

7 Tips for Preparing Your Taxes Without the Stress

Many people find preparing their tax return to be stressful and frustrating. But it doesn’t have to be! Here are 7 tips for how to do your taxes without pulling out your hair:

  1. Gather your records in advance. Make sure you have all the records you need, including W-2s and 1099s. Don’t forget to save a copy for your files.
  2. Get the right forms. They’re available around the clock on the IRS Web site, www.IRS.gov.
  3. Take your time. Don’t forget to leave room for a coffee break when filling out your tax return as rushing can mean making a mistake.
  4. Double-check your math and verify all Social Security numbers. These are among the most common errors found on tax returns. Taking care will reduce your chance of hearing from the IRS. Submitting an error-free return will also speed up your refund.
  5. E-filing is easy. E-filing catches math errors and provides confirmation your return has been received. It also gives you a faster refund.
  6. Get the fastest refund. When you e-file early, you receive your refund faster. When you choose direct deposit, you receive your refund even sooner because you don’t need to wait for a check. This year, electronic filing options will speed the payment of refunds to millions of taxpayers. Taxpayers who e-file and choose direct deposit for their refunds, for example, will get their refunds in as few as 10 days. That compares to approximately six weeks for people who file a paper return and get a traditional paper check.
  7. Get started early. Don’t wait to the last minute to work on your taxes. Getting a head start will not only keep the process calm, but also mean you get your return faster.

And remember, if you run into any problems or you have any questions, call us. We are more than happy to help.

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