Last Minute Tips for Filing Your Tax Returns

TAX-DAYApril 15, 2015 marks the final deadline for filing the personal income tax returns for the state as well as federal governments.

Millions of Americans have pushed their filings far and targeted them for April 15. However, many of them are struggling to get the task done on time, there another way out as well! They can file for a 6-month extension.

IRS has advised Americans to use the website where they can use the free service to request an automatic extension on Form 4868. Or, they can send a hard copy of the form or use tax-filing software. But, you must put the estimated tax liability on the form and pay the due amount.

A new addition to this year’s federal returns is the line that inquires about the health coverage of individuals which involves a check-box if the individual has a qualifying insurance. If not, then he/she will be liable to pay individual responsibility penalty and more paperwork need to be done.

As per the tax agencies, if you file online, then the refunds can go faster either with yourself or with paid preparer. The IRS instructions and forms are available at the IRS website  (http://http://www.irs.gov ) where you can even check your refunds under the “Where’s my Refund” tab.

Some Quick Tips to Get the Job done effectively:

  • The easier way to get forms is to get them downloaded from the website.
  • Instruction books are easily available at the New York and state sites.
  • Take Care of the line that inquires about health coverage as it is a new addition.
  • Double check if you have the right form. In case of any confusion, or the simpler forms don’t cover your issues, switch to longer forms (IT-201 for state & 1040 for federal).
  • Low-income tax filers must check if they qualify for earned-income tax credit.
  • Double check if you have entered correct numbers and all your math is correctly done.
  • Including social security numbers for filers as well as for children is mandatory.

Thus, you can use these last minute tips and get started ensuring that you file your returns well in time and get the fastest refunds as allowed by IRS.

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