Business

/

ArcaMax

Jill On Money: Last minute tax tips

Jill Schlesinger on

There are usually two types of people who wait until the bitter end before the April 15 tax deadline to file their returns: Those who owe money to the government and the folks who are flat-out procrastinators.

Whichever camp you fall into, let’s go!

The quickest and most efficient way to file is to use IRS e-file, which is available to all taxpayers.

Electronic filing is the safest and quickest way to submit individual tax returns. Taxpayers with Adjusted Gross Income of $79,000 or less can use IRS Free File, a service that lets you file your federal taxes at no extra cost either through electronic fillable forms or through IRS partnerships with private tax preparation services.

If you can’t get your act together by April 15, you can request an extension to file with Form 4868.

An extension gives you until October 15 to file your tax return, but importantly, an extension to file is not an extension to pay. That means you need to estimate and pay any owed taxes by the April 15 deadline to avoid any potential penalties and interest.

 

The IRS notes that “making a payment, even a partial payment, will help limit penalty and interest charges.” One big caveat: Even if you file for an extension, the deadline to make IRA and Roth IRA contributions for 2023 is still April 15.

If you owe money to Uncle Sam, there are plenty of payment options to consider.

The fastest, easiest way to make a one-time payment is through IRS Direct Pay, a free and secure service that allows taxpayers to securely pay their taxes directly from their checking or savings account without any fees or registration. After submitting a payment through Direct Pay, you will receive immediate confirmation via email.

Although the IRS allows you to charge your outstanding tax liability on your credit card, plastic is usually the most expensive way to pay taxes, due to the fees associated with the card usage.

...continued

swipe to next page

 

 

Comics

Working it Out 1 and Done Daddy Daze Doonesbury Lisa Benson Carpe Diem