Tax filing season is near and for those who have a last-minute habit of doing it, here are very helpful tips that anyone can follow.
Scrambling every year at the last minute to file the income tax is a common scenario to some. Following some simple yet helpful tips to do it is very good to know.
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- If one needs more time to do the filing and is certain that he could not beat the deadline, file for an automatic six-month extension by filling up an IRS Form 4868. File the said form on the original due date.
- Most tax-saving techniques needs action before the end of the tax year, lowering the tax bill can still be done. One can lower the tax bill by adding deductible contributions to a traditional IRA and/or pre-tax contributions to a current qualified Health Savings Account (HSA), Tampa Bay Newspapers reported.
- Try using E-File to file your tax return. It is a faster and more secured way to file compared to mailing paper tax forms. If your business profited a little income in 2013, or if you have been disabled or an elderly, try to take advantage of free tax prep services through the VITA program.
- Do not forget to sign and date your return. Always remember that married couple must both sign a joint return, even if just one of the couple has a present income.
- Make sure that the check that will be issued to pay out the federal taxes is paid out to United States Treasury and not the IRS. Enclose the check together with the return form or payment voucher if being filed electronically.
- If another person pay in your behalf and is paid to do it for you, he must also sign the form, according to Bloomberg.