5 Last-Minute Tax Tips From The IRS

5 Last-Minute Tax Tips From The IRS

The April 18 deadline for taxes is quickly approaching, and the IRS just came up with these helpful last-minute tips for taxpayers who have yet to do their taxes.

  • Check Out Tax Credits: Read this list on the IRS website to check which of the American Recovery and Reinvestment Act (ARRA) credits you qualify for. This includes the $8,000 first-time homebuyer credit and a bigger energy credit of up to $1,500.
  • File For Free: Those who earn below $58,000 can use the IRS Free File, a tax prep software that won't cost you a cent.
  • Do It Online: If you file your taxes electronically, you'll get your tax refund back faster, and your tax forms will be more accurate. Your information will also be safer since you're submitting it through a secure transmission.
  • Late Filers Should Extend: You should file an extension, Form 4868, if you can't file your taxes by April 18. You'll be given a six-month extension until October 16.
  • Extension Is For Returns: Be aware that although you are filing for an extension, that will only apply for your return. The extended deadline is not for the taxes that are due — you will still have to pay them off before tax day. If you can't pay it off, you should still file on time and pay whatever you can to avoid the late fees and penalties. Then, work a payment plan out with the IRS.

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