Following these suggestions should help your tax return receive prompt, accurate (and not too much) attention:
- Always file on time even if you don’t have the money to pay. At the very least, file for an extension using Form 4868. When requesting an extension, you must estimate the taxes due. You will pay interest on any tax not paid by April 15.
- Use last year’s forms as a guide so you don’t forget sources of income or deductions.Watch out, though, for changes in exemption and standard deduction amounts.
- Keep a copy of your tax return and other documents for your records.
- Get help if you have questions. See a tax attorney, CPA, IRS representative, visit a commercial tax preparation office, or contact an “enrolled agent.”
- Get organized for next year. Set up folders for your records and receipts.
- Keep your records three years after the filing deadline. Generally, this time frame is consistent with the three-year statute of limitation for the IRS to audit a return. The statute of limitations may be longer in some situations, such as when you own a home or rental property, are an investor, or are involved in a business.
Additional tips if you file manually: Your return should be neat (e.g., readable, not smudged). Also, round money amounts to the nearest dollar—it makes calculations easier and reduces the chances for errors. Include a check if you owe money. The check should be made payable to the United States Treasury and include your Social Security number. Submit Form 1040-V with your payment.