Last Minute Tax Tips

I am going to kick off my first post with last minute tax tips as only ~12 days left for income tax return to be filed. I just filed my income tax return last weekend using a turbo tax software.

Here are the tips for filing last minute:

• Very obvious one, do not wait till last day of return, act now and finish your return. :-)
• Consider filing electronically instead of using paper tax forms.
• Taxpayers filing paper returns should also double-check that they have correctly figured the refund or balance due and have used the right figure from the tax table.
• This year you have 2 extra days for filing return as deadline is 17th Apr 2007 (not 15th Apr 2007).
• File an Extension! If time left is not enough and/or you have to rush like crazy to file income tax return, you can postpone filing of your income tax return by filing extension with IRS and state tax agencies.
• If you are getting significant refund back, then it is better you file income tax return as possible.
• If you owe money to IRS or/and state tax agencies then you have pay that money to them before deadline (17th Apr 07) even though you are filing extension. If you don't, then IRS imposes penalty and interest on it.
  
• If you are due a refund, consider direct deposit to receive your refund in the quickest and safest manner.

You can refer IRS web site for more detail tips, click here.