9 Tax Tips for Last-Minute October Filers

Monday is October 16th and frantic tax filers of late returns will be looking for any means possible to pay less to Uncle Sam.
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​The following tips should help you file your return and officially close this tax reporting year:

1. If you are a victim of a natural disaster, the IRS usually extends the filing of these tax returns. You can check to see if you are eligible and what the deadlines are at IRS Tax Relief in Disaster Situations page.
2. E-file your tax return. It’s the fastest way to ensure the IRS receives and accepts your return today. However, if you are too close to the deadline, find a late night post office and mail in your return.  You do not want any internet or tax software problems preventing you from filing on time.
3. On the off chance that you want to file on paper, make sure that you know ahead of time which post offices will be open until midnight. This way you will know precisely where to go. Anticipate long lines, go at least one hour before closing time.
4. If you don’t have all the forms needed to complete your return, you still have to file. Make reasonable assumptions of the missing items, and document those assumptions. If you miss the October 16th deadline, you will be subject to the 5% monthly late filing penalty, up to a maximum of 25% of the tax due. You definitely do not want to pay Uncle Sam more than you have to.
5. Once you have received all the missing information, file an amended return. You have up to three years to send the IRS an amended return after you file your first return.
6. If you need professional help, make your appointment NOW! Tax accountants are busy now too.  Expect to pay extra for on-time last-minute tax filings.
7. If a payment is due with your return, use IRS Direct Pay. It directly debits your account and provides you confirmation that IRS has received your payment.  Best of all the process is FREE!
8. If you don’t have all funds to make payment, send the IRS whatever you can.  It’s better to make a partial payment then no payment at all.  If you can get the remaining balance to the IRS within 90 days, send it in and wait for a letter if they decide to assess penalties. If you need more time than this, call the IRS to set-up an installment plan.  Please note an installment plan has additional costs involved.
9. Keep a secure copy of your tax return, and all documents such as W-2s, 1099s, and 1098T forms used to complete your tax return. Also, keep a copy of all IRS payments receipts.

The most critical thing you have to do is to file. Try not to put it off because you are nervous. Once you file your tax return, the anxiety is off.

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