You had very good intentions, but like millions of other Americans you waited until the very last minute to file your taxes. As the agony of the dreaded Tax Monday looms over your head, here are a few last minute things to consider.
Filing an extension-Many may have been reluctant to file an extension on their taxes because they're afraid it will raise a Red Flag for Uncle Sam and cause them to get audited. Contrary to popular belief, filing an extension does not necessarily mean a red flag for you to get audited. Although they may seem heartless, the IRS does understand that some people do in fact need more time. Unforseen circumstances or uneducated taxpayers may discover last minute things that need to be corrected. If you planned on filing your taxes but feel as though an accountant may be able to help you more, by all means file for an extension and find a good accountant. However, keep in mind that if you owe, you will still be responsible for any interest that accrues during this time.
Payment plans-You owe a whopping sum of money to Uncle Sam, but you pockets won't allow you to pay it all at one time. Instead of panicking about the amount of interest that will come crashing down over your head, or running away and turning a blind eye to your debt, contact the IRS yourself. You can arrange to make payments on your debt instead of waiting for them to apply more interest to your unpaid debt. In the event that you take initiative and contact them yourself instead of allowing them to make the first move, your interest may be as low as 3%.
Check, Check, and Double Check-The #1 mistake that most people make when filing their taxes is adding up their final totals. Millions of people every year dilligently take their time going through every section of their taxes only to get to the final page and make costly mistakes with the final addition and subtraction of each section. Pay close attention to all of your numbers, and if possible have someone else check behind you. Small errors could mean long delays in processing your taxes for the year.
Breathe-After you're done with the thorn in your side, breathe a sigh of relief. Its better to get the daunting task out of the way and carry on carefree.
And once you're done take advantage of some of the perks that local businesses offer to alleviate the stress of filing your taxes. Cinnabon offers free minis to their customers on the evening of Tax Day, Arby's offers free fries, and Office Depot offers free shredding of up to 5 pounds of paper until May 1st.