The Internal Revenue Service (IRS) opened the 2012 tax filing season by announcing that taxpayers have until April 17 to file their tax returns pay any tax due. The reason for the extension? April 15 falls on a Sunday, and Emancipation Day, a holiday observed in the District of Columbia, falls on Monday, April 16, giving taxpayers a two-day reprieve.
But procrastinators take note. You may have two extra days to file your taxes, but don't wait until the last minute. If you find you have questions, need help, or are missing documentation, you could miss the deadline. Even though your return is not due until April, the IRS says you can make tax time easier by getting an early start. Here are some tips from the IRS website to ensure a smooth tax-filing process.
- Look for important tax documents arriving in your mailbox soon. Be on the lookout for documents regarding pensions, annuities, payroll, etc. Make sure you have 1099-R statements from each bank, mutual fund, or retirement plan, and W-2s and 1099s from employers or independent contractor income. Be sure to check with elderly parents regularly to see if they have received any tax documents in the mail.
- Gather your records. Round up any documents you'll need when filing your taxes: receipts, canceled checks and other documents that support income or deductions you're claiming on your return. Locate receipts for medical expenses, healthcare and any documentation from a Flexible Spending Account.
- Consider filing electronically. Last year, 79 percent of taxpayers -- 106 million people -- used IRS e-file. The IRS calls e-file the "safest, fastest and easiest way to submit individual tax returns." If you are looking for a speedy refund, e-file may be the way to go. The IRS issues refunds to 98 percent of electronic filers by direct deposit within 14 days, and some may be issued in as few as 10 days.
- Review! Don't rush. We all make mistakes when we rush. Mistakes slow down the processing of your return. Be sure to double check all the Social Security numbers and math calculations on your return as these are the most common errors. Don't panic! If you run into a problem, help is available, and free tax assistance is available for seniors.
If you are a caregiver who is taking care of an elderly loved one, check out
Tax Tips for Caregivers on AgingCare.com.