NEW YORK (AP) โ If youโve waited till the last minute to file your taxes, donโt panic. You still have time to get it done.
And if you’re worried that you still might not be able to finish in time, you can file for an extension, which will give you until Oct. 16 to file your return.
What do I need to file my tax return?
Generally, every tax-filer needs the following at hand
โ your Social Security number
โ W-2 forms, if you’re employed
โ 1099-G forms, if you’re unemployed
โ 1099 forms, if you’re self-employed
โ Savings and investment records
โ A sense of any eligible deductions, such as education expenses, medical bills, charitable donations, etc.
โ A sense of relevant tax credits, such as the child tax credit, retirement savings contributions credit, etc.
To find a more detailed document list, visit theย IRS website.
Tom OโSaben, director of tax content and government relations at theย National Association of Tax Professionals,ย recommends gathering all your documents in one place before you start your tax return, as well as having your documents from last year if your financial situation has drastically changed.
Theresa Grover, site coordinator for theย Volunteer Income Tax Assistance (VITA) programย at Northeast Wisconsin Technical College, also recommends taxpayers create anย identity protection PIN numberย with the IRS to guard against identity theft. Once you create a number, the IRS will require it to file your tax return.
How do I file for an extension?
If you run out of time to file your tax return, you can file for anย extensionย to take more time by using your preferred tax software, with theย IRS Free Fileย tool, or via mail.
However, itโs important to remember the extension is only to file your tax return, not to pay owed taxes. If you owe taxes, you should pay an estimated amount before the deadline to avoid paying penalties and interest. If you expect to receive a refund, youโll still receive your money when you file your taxes.
The deadline to file for an extension is Tuesday, April 15, which will give you until Oct. 16 to file.
How can I avoid mistakes filing my taxes?
Many people fear getting in trouble with the IRS if they make a mistake. To avoid common errors:
โ Double check your name on your Social Security card.
When working with clients, OโSaben always asks them to bring their Social Security card to double-check their number and their legal name, which can change after marriage, for example.
โYou may have changed your name but you didnโt change it with Social Security,โ OโSaben said. โIf the Social Security number doesnโt match the first four letters of the last name, the return will be rejected and that will delay processing.โ
โ Search for tax statements if you’ve opted out of paper mail.
Many people like to opt out of snail mail, but paper mail can also include your tax documents.
โIf you didnโt get anything in the mail doesnโt mean that there isnโt an information document out there that you need to be aware of and report accordingly,โ said OโSaben.
โ Report all of your income.
If you had more than one job in 2022, you need the W-2 forms for each โ not just the one from the job you ended the year with, said Christina Wease, interim director of the tax clinic at Michigan State University.
What resources are available?
For those who make $73,000 or less per year, the IRS offersย free guided tax preparationย that does the math for you. If you have questions while working on your tax forms, the IRS also offers anย interactive tax assistantย tool.
Beyond TurboTax and H&R Block, taxpayers can also hire licensed professionals, such as certified public accountants. The IRS offers aย directory of tax preparersย across the United States.
Theย IRS also funds two types of programsย that offer free tax help: Volunteer Income Tax Assistance (VITA) and the Tax Counseling for the Elderly program (TCE). People who earn $60,000 or less a year, those who have a disability, and those who speak limited English all qualify for the VITA program. Those who are 60 or older qualify for the TCE program.ย The IRS has a siteย for locating organizations hosting VITA and TCE clinics.
If you have a tax problem, there areย clinics around the countryย that can help you resolve these issues. Generally, these tax clinics also offer services in other languages such as Spanish, Chinese and Vietnamese.
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