It’s Tax Day today (April 15th), and that means tax returns are due by midnight tonight. If you’re one of the many procrastinators out there who’ve left their taxes to the last minute — as many as 50 million people as of last Friday (April 12th), according to the IRS — here are some tips:
- Getting an Extension — If you need more time, you can file for a six-month extension to avoid paying penalties for getting your return in late. However, if you owe money, it needs to be paid on time, even if you get an extension to file your return, or you’ll have to pay a penalty and interest.
- Paper Returns Postmarked By Midnight — Most taxpayers file online now, but if you’re still using paper returns, they need to be postmarked by midnight.
- Nine Common Mistakes to Avoid: Missing or inaccurate Social Security number; Misspelled name; Filing status errors; Math mistakes; Errors in figuring tax credits or deductions; Incorrect bank account numbers; Forms not signed; Electronic filing PIN errors; Filing with an expired Individual Taxpayer Identification Number.