dailyloe.com – The deadline to file US federal income taxes has arrived on April 15. Taxpayers who have waited until the last minute can still file or request an extension. An extension grants until October 15 to submit the required tax return paperwork. This is what you need to know about the Wednesday deadline and some tips to consider.
Generally, everyone filing taxes needs to have several key documents on hand. You will need your Social Security number for identification purposes. Employees need their W-2 forms, while those who were unemployed need 1099-G forms. Self-employed individuals require 1099 forms for their income reporting.
You should also gather records of savings and investments for accurate reporting. Have an idea of deductions you might be eligible for, like educational expenses or medical bills. Charitable donations are another common deduction to consider. Relevant tax credits, like the child tax credit, are also important to note.
For a more detailed list of necessary documents, visit the Internal Revenue Service website. Tax professionals recommend gathering all documents in one place before starting. Having prior year’s documents is useful if your financial situation changed drastically. Experts also suggest creating an IRS Identity Protection PIN for security.
This PIN helps protect you against identity theft related to tax filing. Once created, the IRS will require it to file your tax return electronically. If you run out of time to file, you can request an extension. This gives you more time to prepare and submit your complete tax return.
You can request an extension using your preferred tax software or the IRS Free File tool. Filing a request by mail is also an acceptable method for obtaining an extension. It is crucial to remember the extension is only for filing the paperwork. It is not an extension for paying any taxes you may owe to the government.
If you owe money, you must pay an estimated amount by the April 15 deadline. This payment is required to avoid potential penalties and accruing interest. If you are expecting a refund, you will still receive your money later. The refund will be issued after you eventually file your completed tax return.[]
Source: San Antonio Express-News
