Saturday, November 14, 2015

Stephen Souky - Tips for Last-Minute Tax Filers

Sometimes it just seems that income tax filing time has come too quickly. If you have been busy with your business or work, you probably didn’t realize that it was time for you to submit your income tax returns. Stephen Souky is experienced in accounting and knows the importance of making sure you file your income tax papers in time. However, if you are late with your filing, there are a couple of things you can do.

Get an Extension

The first thing is not to delay your filing, but if you do not have the time to submit your taxes in time, you might want to take the services of a professional and ask for more time. If you file form 4868, you will be allowed to time until October 15 to file your income tax returns. However, you will still need to estimate how much you owe the tax department and send it in by April 15.

File Your Taxes for Free

The IRS Free File program allows you to file you tax returns for free. The program works with commercial tax software companies and offers free online income tax filing tools for taxpayers who earned less than $58,000 in the previous year. If you earn more than this amount, you will not qualify for the free tax filing program.

Free Tax Help

You can make use of the Volunteer Income Tax Assistance (VITA) program for free tax filing assistance. If your income is relatively low, you can avail of this program to file your returns. However, if you plan to use the VITA program, you should do so before April 15.

Stephen Souky recommends starting early so that you are not caught up in the last-minute rush to file your returns.