1. Do not wait until the last minute to begin your return. You may find you are missing something and not be able to complete it by the deadline if you don't know ahead of time. At the very least, be sure you have all your documents together and all the forms you are going to need, unless you are planning to efile.
2. Efile your return and use direct deposit to get your refund. Worried about giving the IRS your checking account information? Don't be, they already know it! If you are getting interest on your bank account, they may get a 1099-INT on your account for interest you were paid, plus you used your Soc Sec Number to set it up, so the IRS can find it.
3. If you think you should not file since you don't have the money to pay all you owe, the IRS will work with you to set up a payment plan. File a form 9465(available at IRS.gov) with your return and tell the IRS how much you feel you can pay per month. For them to accept it you will need to be able to pay it off in 5 years. If the amount you over is over 25,000, they will probably request additional financial information. Most importantly FILE YOUR RETURN. If you don't you will incur both failure to file and failure to pay penalties.
4. Have qualified tax preparer prepare your return or visit irs.gov to get the answers to questions you have if you feel you can complete it yourself. Remember, errors can be costly, so be sure you know what you are doing or find a qualified tax preparer such as an Enrolled Agent to prepare your returns.
5. File and extension if you know you will note be able to file. Go to irs.gov and complete the form 4868 which will give you another 6 months to file your return. Keep in mind this is an extension to file not an extension to pay. Filing an extension with what you feel you will owe, will save you in failure to pay penalties. If you cannot pay anything, at least filing the extension can save you in failure to file penalties.
Save yourself stress and headaches by doing your taxes before the deadline.
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