Clock ticking for tax filings
Last-minute tips
With the tax deadline looming, the IRS offers these tips for last-minute filers:
-- File electronically. Consider filing electronically instead of using paper tax forms. If you file electronically and choose direct deposit, you can receive your refund in as few as 10 days.
-- Check identification numbers. When filing a paper return, check the identification numbers—usually Social Security numbers—for each person listed. Missing, incorrect or illegible Social Security numbers can delay or reduce a tax refund.
-- Double-check your figures. If you are filing a paper return, you should double-check that you have correctly figured the refund or balance due.
-- Check the tax tables. If you are filing using the Free File Fillable Forms or a paper return, you should double-check that you have used the right figure from the tax table.
-- Sign your form. Taxpayers must sign and date their returns. Both spouses must sign a joint return, even if only one had income. Anyone paid to prepare a return also must sign it.
-- Mailing your return. Use the coded envelope included with your tax package to mail your return. If you did not receive an envelope, check the section called "Where Do You File?" in the tax instruction booklet.
-- Mailing a payment. The check should be written out to "United States Treasury." Enclose it with but do not attach it to the tax return or the Form 1040-V, Payment Voucher, if used. The check should include the taxpayer's Social Security number, daytime phone number, the tax year and the type of form filed.
-- Electronic payments. Electronic payment options are convenient, safe and secure methods for paying taxes. You can authorize an electronic funds withdrawal or use a credit card or a debit card.
-- More online. Forms, publications and helpful information are available on the IRS Web site at www.IRS.gov.
JANESVILLE — The clock is ticking if you haven't filed your tax return.
Wednesday's midnight filing deadline is just hours away, but the good news is you can get an extension.
You don't even need an excuse or a stamp, the Internal Revenue Service says.
Although the IRS will give you six extra months to file, it does not extend the time you have to pay any tax due.
If you have an extension for filing your federal return, it automatically gives a six-month Wisconsin extension. Attach a copy of your federal extension application when you file your Wisconsin income tax return, said Jessica Iverson, spokeswoman for the state Department of Revenue.
About 2.2 million Wisconsin tax returns have been processed so far, she said, though there's "several hundred thousand" yet to come in the door.
The state typically sees about 2.9 million tax returns, she said.
Nationwide, the IRS expects to receive more than 8.5 million extension requests.
Here is what you need to know about extensions:
-- You will owe interest on any amount not paid by Wednesday's deadline plus a late payment penalty if you have not paid at least 90 percent of your total tax by that date.
-- If your return is completed but you are unable to pay the full amount of tax due, do not request an extension. File your return on time and pay as much as you can. The IRS will send you a bill or notice for the balance due.
To apply online for a payment agreement, go online to www.IRS.gov and use the pull-down menu under "I need to ..." and select "Set Up a Payment Plan." If you are unable to make payments, call the IRS at 1-800-829-1040 to discuss your payment options.
-- Request a filing extension by submitting by Wednesday Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return or make an extension-related electronic credit card payment.
-- You can e-file an extension request using tax preparation software on your own computer or by going to a tax preparer that has the software. The IRS will acknowledge receipt of the extension request if you file by computer.
-- You can use Free File Fillable Forms to file for an extension. They are available at www.IRS.gov.
-- If you ask for an extension via computer, you also can choose to pay any expected balance due by authorizing an electronic funds withdrawal from a checking or savings account. You will need the appropriate bank routing and account numbers and also must have available the adjusted gross income from your 2008 federal income tax return to verify your identity. For information on these and other methods of payment, visit www.IRS.gov or call 800-TAX-1040 (800-829-1040).
-- To obtain a copy of Form 4868 or other forms and publications, use e-file tax preparation software, download them from www.IRS.gov or visit your local IRS office.
Apr 16, 2009 at 4:47 a.m.
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pharm: The FairTax "hits" everyone the same - that's why it's called the FairTax. Anyone wanting to research, see www.fairtax.org
Summary: The FairTax plan is a comprehensive proposal that replaces all federal income and payroll based taxes with an integrated approach including:
A progressive national retail sales tax.
A prebate to ensure no American pays federal taxes on spending up to the poverty level.
Dollar-for-dollar federal revenue neutrality.
Repeal of the 16th Amendment through companion legislation.
There are several things that I really like about this proposal. It de-politicizes taxes. It's fair! It applies to many who may be skirting the income tax (drug dealers, illegal immigrants working "under the table" jobs, politicians accepting cash bribes). The amount you pay is controlled by you! (Your level of spending determines your tax, you are not penalized by putting money into your savings account). It abolishes the IRS and releases us all from the bondage of filing income tax forms and all the associated record-keeping, etc.
What's not to like? :O)
Apr 15, 2009 at 4:58 p.m.
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whoanellie, it would be closer to 20% to bring in the revenue they are getting now. It would have to be even higher if the versions of the flat tax that have been floated so far are used, no taxes on interest, dividends, capital gains. Flat tax and fair tax are very regressive taxes, hitting lower, middle income people harder than the rich. I went to the fair tax site, they have a calculation you can do to see how your taxes would be compared to the way they are now. I`m in the bottom 50% of taxpayers, $35,000 and less, and I would pay more under a fair tax.
Apr 15, 2009 at 10:04 a.m.
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We need a flat tax, then everyone would pay their fair share from the rich to the poor. It would work and we could do away with the IRS and their puposely confusing tax code!!! I would suggest 10-13%, I think that would do it.
Apr 15, 2009 at 8:54 a.m.
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Today's last-minute, panic filings is another reason we need the FairTax NOW.
Apr 14, 2009 at 11:29 p.m.
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If you can't make it to Janesville by 6 p.m. (can't determine if they're open later or not), the main PO in Madison (E. Milwaukee & Stoughton Rd., NOT downtown) will through 9 p.m. (or has in the past, call first if it's critical).
Apr 14, 2009 at 4:10 p.m.
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Failure to file on time is a major penalty. Don't pay slacker tax, get-er done.
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