tax resources & tips

Don't Procrastinate.  Resist  the temptation to put off your taxes until the last minute.  Your haste  to meet the filing deadline may cause you to overlook potential sources  of tax savings and will likely increase your risk of making an error.

Organize Your Tax Records.  Tax  preparation time can be significantly reduced if you develop a system  for organizing your records and receipts.  Start with income, deduction  or tax credit items from last year's return.

eFile and Have Your Refund Direct Deposited to Your Bank Account.  Another  way to speed up your refund and reduce the chance of theft is to have  the amount deposited directly to your bank account.  eFile increases  accuracy checks and decreases processing and refund time.

Don't Panic if You Can't Pay. If  you can't immediately pay the taxes you owe, consider some  stress-reducing alternatives.  You can apply for an IRS installment  agreement, suggesting your own monthly payment amount and due date.  You  also have various options for charging your balance on a credit card,  either as part of an electronic return or directly through a processing  agent, either by phone or online.  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 filing  (or extended) due date, with no fee.

Request a Filing Extension -- But Pay on Time.  If  the clock runs out, you can get an automatic six-month extension of  time to file, to October 15 (for individuals).  An extension does not give  you an extension of time to pay, however, so if you owe tax it's best  to pay as much as you can with the extension in order to avoid potential  underpayment penalties.