Preparing to File Your Tax Return

The IRS gives taxpayers who cannot meet the April tax filing deadline extra time to submit their returns if they request an extension by April 18th. In these cases, filers have until mid-October to complete and file their returns. This does not mean, however, that taxpayers should put off filing until the deadline. Those who have the forms and information they need to file should do so as soon as possible to avoid missing the October deadline.

Filing by the October Deadline 

With October already just around the corner, taxpayers who received an extension from the IRS should be sure to start getting their tax information in order. Extension filers should file and pay any outstanding balance they owe to the IRS by October 16th of this year. Those who fail to do so could face the accrual of significant interest, fines, and other penalties.

Choosing Direct Deposit 

Taxpayers who are owed a refund should consider requesting direct deposit as the method for receiving their refund. Those who go this route can expect their refund to be deposited electronically into their accounts in much less time than it would take to receive a paper check.

Looking Into Payment Plans 

Taxpayers who have not yet filed their taxes and are unable to pay off an outstanding debt to the IRS should try to pay as much as they can, as this reduces interest and penalties that accrue on late payments. Taxpayers in this situation also often qualify for plans that allow them to make payments over time and in some cases, to pay a lower amount than they initially owed.

Requesting Missing Documents 

Taxpayers who missed the April filing deadline because they didn’t have their W-2 or 1099 forms should be sure to get copies of those documents as soon as possible. These forms can be obtained from an employer or the issuing agency, so taxpayers who still need to submit certain documentation to the IRS should request copies of the missing or corrected records immediately. Those who are still unable to obtain a copy may need to use Form 4852 as a substitute.

Taxpayers May Qualify for Additional Extensions 

It’s important to note that certain taxpayers automatically qualify for additional extensions. There are, for instance, special filing deadlines for members of the military and support personnel who live or work in combat zones. Taxpayers who live in an area impacted by a recent natural disaster also qualify for automatic extensions, not only to file their taxes, but also to pay off tax debt.

Call Today for Help with Your Taxes 

If you haven’t yet filed your tax return for 2022 or have questions about payment plans for which you could qualify, don’t hesitate to contact CPA, former FBI Special Agent, and experienced Florida and nationwide unfiled tax lawyer Ronald Cutler, P.A. at 386-490-9949 today. We know how stressful these situations can be and are eager to help you come up with a solution for you and your family.

Sources:

irs.gov/newsroom/things-for-extension-filers-to-keep-in-mind-as-they-prepare-to-file

irs.gov/taxtopics/tc154