Five Tips to Speed Up Tax Filing

Posted by: Rod Kurtz on December 5, 2005

1. What’s in a filing date? Tax returns or an extension must be filed by Apr. 15. However, all taxpayers can get an automatic extension by filing Form 4868, which extends the due date for their returns until Aug. 15. Keep in mind that an extension of time to file is not an extension to pay. If you do not send the IRS what you think you owe in taxes by Apr. 15, you’ll be subject to late fees and interest.

2. Check for hidden deductions. There are a number of deductions that small-business owners and the self-employed do not think of when filing taxes. If you work out of your home, your office may qualify for a deduction. The same applies to the use of your car for business. Do you drive to the post office or a client site? Those miles may add up to a deduction.

3. Look for help. Even small businesses on a tight budget can get quality tax-filing advice. The IRS offers a toll-free help line, 800 829-1040, as well as a number of free publications on their Web site offering assistance in filing a tax return.

4. Check your math. Most of the mistakes on tax returns are simple addition and subtraction errors. Check your math. Then, check your math again.

5. Retirement savings are deductible up until Apr. 15. You can count money put into retirement savings up until the day you file and still count it on last year’s tax return.

Keith Hall
TaxTalk Consultant
National Association for the Self-Employed
Grapevine, Tex.

Reader Comments

Rodney

April 14, 2006 2:07 PM

My wife has refused for years to file together for years. She has been filing as head of household and I as single.

I have been told this is incorrect.

We do complete our own taxes.

Please advise.

Post a comment

 

About

Want to improve the way you run your business? Entrepreneurs, academics, and consultants from diverse industries offer practical advice on a variety of topics each business day.

To submit a tip for consideration, first check our archive of previous tips to make sure you're not repeating a tip someone has already contributed. Then send the tip to Small Business channel contributor Michelle Dammon Loyalka. Because of the volume of material she receives, she may not respond to each individual.

BW Mall - Sponsored Links

Buy a link now!