ORLANDO, Fla. – Tax Day is quickly approaching.
Americans have until April 15 to file their annual returns with the Internal Revenue Service. In a recent interview, CBS News business analyst Jill Schlesinger, shared valuable insights for those who have yet to file their taxes.
Getting started
As the tax filing deadline looms, Schlesinger emphasizes the importance of preparation.
“Maybe clear your weekend plans, gather up all those documents, and fire up your computer,” she advises. Filing electronically and opting for direct deposit is the quickest way to receive any potential refund.
Checklist for filing
To reduce errors, Schlesinger provides a handy checklist:
- Double-check social security numbers
- Ensure correct filing status
- Calculate and claim deductions and credits accurately
- Put brackets around negative numbers
- Sign and date your return
- Filing for an extension
If you find yourself unable to meet the deadline, Schlesinger explains how to file for an extension.
“Go to IRS.gov and fill out Form 4868. This gives you an additional six months to file, until Oct. 15,” she says.
However, she warns that while you have extra time to file, you do not have extra time to pay any taxes owed. It’s crucial to estimate and send any owed amount to the IRS by April 15th to avoid penalties.
Options for paying taxes owed
For those who owe money but can’t pay it all at once, Schlesinger reassures that the IRS offers short and long-term payment plans.
“Uncle Sam’s got you covered,” said Schlesinger. “There are short and long-term payment plans that’ll stretch payments out over many months. There are a couple of fees that you’ll have to pay to do it, but it’s not that bad. One thing, though, the IRS does allow payment with a credit card. Don’t do that. It’s the most expensive way to pay because of the fees that are attached to it. Also, of course, if you use a credit and then you don’t pay the balance off quickly, ouch, then you’re paying high interest rates on top of that tax bill. So let’s avoid credit cards on our bills for Uncle Sam.”
