Tax day has come and gone for most people, but dealing with federal taxes may not be done for some.
Internal Revenue Service spokesman Mark Hanson offers these tips for handling some typical after-tax-day issues:
1. Didn’t file by April 18? It’s too late to request an extension of time to file, so the important thing is to file your tax return. If you owe taxes with your return, you may be charged interest and penalties on anything not paid by April 18, along with a late-filing penalty. To reduce the penalties and interest, pay as much as you can with the return. If you’re due a refund and are filing late, you probably won’t be penalized, but you could lose the refund if you don’t claim it within three years. Note: taxpayers in counties declared federal disaster areas may qualify for tax relief from the IRS. For more information, visit http://www.irs.gov/newsroom/article/0,,id=238682,00.html or call 1-800-829-1040.
2. Want to check the status of your refund? Visit www.IRS.gov and click on “Where’s My Refund?”. You’ll need to input the primary Social Security Number on your 2010 return, your filing status and the exact amount of refund you expect. If you don’t have Internet access, call 1-800-829-1954. Or use the IRS new free phone app to check on your refund, IRS2Go, if you have an iPhone or Android.
3. Not happy with the amount of your tax refund? Fix it now for next year by adjusting the amount you pay in. If you’re an employee, use the IRS online Withholding Calculator to figure the correct status. Then adjust your withholding by filling out a new Form W-4 with your employer. If you’re self-employed, adjust your estimated tax payments. And if you’re not making estimated tax payments, you can start by using Form 1040-ES. Visit IRS.gov for details.
4. Need a payment plan? If you owe the IRS $25,000 or less and can’t pay it all, visit IRS.gov to apply for an online payment agreement. If you don’t have Web access, call 1-800-829-1040 to request an IRS payment plan.
5. Want to e-file your tax return now? E-file and Free File are still available through Oct. 17, the filing deadline for those who requested an extension by April 18. But even if you didn’t file an extension, you can still e-file your return. Use the tax software you bought, or if your 2010 adjusted gross income was not over $58,000, use the IRS Free File program only available through the IRS.gov website.
6. Realized you need to fix an error on your return? The IRS will usually correct math errors. However, if you forgot to include reportable income or a deduction or credit, you can file a Form 1040X to amend your return. The form is available at IRS.gov or by calling 1-800-TAX-FORM. Be sure to wait until your original return was processed before trying to amend it. Generally, you have three years to amend a tax return.
