There are only a few precious hours remaining to get your taxes done for the season. And if you’re like me, you’ve waited until the very last possible moment to do them.
Here’s some frank advice on things you could consider doing:
Run out of time? File an Extension. But…
It’s pretty simple to ask for an extra 6 months to file your return. But the smart folks over at Nolo Press says you still have to pay your taxes by today. If you don’t, Uncle Sam will hit you with penalties and interest. Yikes!
File Anyway! Amend Later.
You could file now and amend after the fact. And it could be one way to avoid penalties and interest, Nolo says.
If you owe money, but can’t pay, get on an installment plan!
Tons of people owe the IRS money and many of them can’t pay all at once. If you’re in this boat, consider applying for an installment plan.
According to the IRS has plenty to say about this. So read up!
But remember, you have to apply for an installment plan in order to get one.
Not sure what tax prep software to go with? Consider this free one.
The IRS offers free tax prep software if you make $66,000/year. My favorite is MyFreeTaxes.com. Created by The United Way, they partnered with H&R Block to offer their premium online tax prep software for free.
I’ve been a fan since their inception in 2009. Don’t fall for fake-free software, especially if you qualify to use MyFreeTaxes.com.
Photo credit: “Tax – Money” by CafeCredit.com is licensed under CC BY 2.0.
