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Last Minute Tax Tips for 2015

With the April 15 tax filing deadline just a week away, are you one of the millions of Americans who haven’t filed (or even started) your individual income tax return yet?

No problem! Use these pointers to help guide you through the filing process:

  1. Stop Procrastinating. Resist the temptation to delay your taxes until the very last minute. An accurate return requires time and preparation. You may need to provide additional information to complete your tax return as well.

  1. Include All Income. If you worked a side job in addition to full-time employment, check if you received a Form 1099-MISC. Make sure you include that income when you file your tax return because you may owe additional taxes. The IRS may find you liable for penalties and interest on the unreported income.

  1. File on Time or Request an Extension. This year’s tax deadline is April 15. If the clock runs out, you can receive an automatic six-month extension, moving the filing date to October 15.

Keep in mind, however, filing the extension itself doesn’t provide more time to pay any taxes due. You’ll still owe interest on any amount not paid by April 15, plus a late-payment penalty for not paying at least 90% of your total tax by the same date.

  1. Don’t Panic If You Can’t Pay. If you can’t immediately pay the taxes you owe, several alternatives exist: applying for an IRS installment agreement; suggesting your own monthly payment plan and due date; and receiving a reduced late-payment penalty rate are among the possible accommodations you could arrange.

Charging your balance on a credit card provides various options as well. No IRS fee exists for credit card payments, but processing companies generally 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.

  1. Sign and Double Check Your Return. You must sign and date your tax return for the IRS to process it. You should also double check your social security number, as well as any electronic payment or direct deposit numbers. And finally, make sure your filing status is correct.

Remember: To avoid delays, please send your tax documents to our office as soon as you can:

4029 Atlantic Boulevard

Jacksonville, Florida 32207

If you need to file for an extension, a late-filing penalty relief or have any other questions, the tax accountant team at Patrick & Robinson CPAs can help. Contact us at Office@CPAsite.com or (904) 396-5400.

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Frequently Asked Questions

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4029 Atlantic Boulevard, Jacksonville, Florida 32207
6000-A Sawgrass Village Circle, Suite 1, Ponte Vedra Beach, Florida 32082

 

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