Recently the IRS
reported the number of tax returns filed during the last half of March has
dropped from 2012’s numbers, meaning more people will likely be sweating it out
as the April 15 deadline approaches.
When to seek professional assistance- It may be tempting to file your own taxes, especially with the proliferation of affordable filing programs, but certain people benefit more from professional assistance than others. Business owners, stock traders, freelancers and others are among those who benefit most according to a recent article from Yahoo! Finance.
According to an article from ABCNews.com, 80.5 million individual tax returns had
been filed as of March 22, compared with 84.9 million by March 23 of last year.
Last minute tax
filing can be stressful, but there are ways to smooth out the process.
So if you haven’t
filed yet, here’s what you should know as the deadline draws near:
Be aware of online options- The IRS now offers a Free File program to file electronically and get your refund
back in a flash. Special tracking options allow you to keep an eye on when your
return will be coming back in the mail as well. Filing online is now
recommended by the IRS and is becoming mainstream.
Be aware of suspicious emails – Online criminals may see tax time as an
opportunity to steal one’s identity. Be
aware of emails coming from an IRS email account seeking personal information
as they are likely bogus. The IRS has
already issued 770,000 special numbers for potential victims, a huge increase
from last year according to a recent article in the Wall Street Journal. Protecting yourself consists of covering
all the bases such as ignoring suspicious emails and safeguarding your personal
information in general.
It’s important to double check your
information- In the
scramble to file last minute taxes, mistakes are often made. If you submit a
Social Security number for a dependent that is incorrect, for example, you
won’t receive those tax deductions. Make sure to double check everything to
avoid potential problems down the line.
When to seek professional assistance- It may be tempting to file your own taxes, especially with the proliferation of affordable filing programs, but certain people benefit more from professional assistance than others. Business owners, stock traders, freelancers and others are among those who benefit most according to a recent article from Yahoo! Finance.
You can always ask for more time- A six-month extension is far easier to receive than most
people think; automatic to be more specific. The form can be found at www.IRS.gov and can
allow an extension all the way into mid-October if needed. Keep in mind that if
you owe money, you’ll still have to pay up by April 15, however.
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