The income tax deadline this year is April 18th.
You can still file your tax return now.
If you’ve filed recently, are expecting a refund, and are wondering where is my tax refund, you can get a quick read on its whereabouts by using the Where’s My Refund online tool. The IRS Refund Cycle Chart may also prove helpful.
Late filers and procrastinators, you have a week left as of today. This should be enough time to collect your papers, organize them, and get it done, especially if you have a simple return with a single source of income and are opting for straightforward deductions and credits. As such, we urge you to file electronically: it’s fast, easy, safe, and inexpensive. You can get started right here.
If your return is more complicated, for example if you itemize your deductions, it is still not too late in the 2011 Tax season to get going. Remember that even if you choose to file an extension to file your taxes at a later time you will still have to furnish the IRS with an estimate of your tax obligation. So, it’s advisable to get an idea of where you stand tax wise.
You should start by collecting W2s and miscellaneous 1099s. If you’re missing any of these, it is still possible to estimate your taxable income using your paystubs. Make sure to take into account possible changes in wages or salary that may have occurred during the year.
Proceed then to sort and order your receipts, and to catalog your tax deductible expenses, all the while conducting a thorough search of your memory banks for any that might have gone missing or which you may have forgotten. Now is the moment to check your credit card and bank account statements, most of which are commonly available online, for expenses that may contribute to reduce your tax liability.
In the absence of physical evidence for an expense, such as a receipt, remember that the IRS will accept a written or oral statement provided it contains information specific to the outlay in question. A testimony from the people involved in the activity whose cost you’re claiming as a deduction may also be required and is acceptable.
Once you’ve gathered your papers and are set to go, the IRS advises that you pay close attention to the numbers. Many a return ends up audited because of wrong entries and simple errors of arithmetic. First, be sure to fill in the right social security information. Then, double-check that you have correctly calculated the refund due or tax owed. Finally, make sure to sign your return; remember that both spouses must sign if you’re filing joint.
