July 15, the deadline to file and pay your federal taxes is approaching, so this is the right time to take steps to prepare your taxes if you haven’t done so yet.
As you may remember, the original deadline was set for April 15, but it was moved as a way to offer relief to taxpayers affected by the outbreak of COVID-19. The Internal Revenue Service (IRS) has already warned that the deadline won’t be postponed again.
Below you will find five essential tips you should keep in mind as you file your taxes this year.
File Your Taxes Electronically
Filing your taxes electronically is fast, safe, and combined with the direct deposit option, it allows you to get your refund faster compared to taxpayers who mail a paper return. Additionally, filing your taxes electronically limits the risks of mistakes, since all calculations are verified by a computer as you enter the data. If you don’t know how to file your taxes electronically, our tax experts at Meadville Tax Service will be happy assist you so you can take advantage of all the benefits of this filing option.
You Can Request an Extension if You Can’t File Your Taxes by July 15
Can’t file your taxes by the July 15 deadline? Don’t worry: You can request an extension that will give you time to file your taxes until October 15, 2020. However, if you decide to use this alternative, it’s important to keep in mind that an extension to file is not an extension to pay. This means that even if you get an extension to file your taxes at a later date, you still have to pay some of all your taxes by July 15
How to Check the Status of Your Refund
Checking the status of your tax refund, if you are entitled to one, couldn’t be simpler. You have two simple, efficient options available. You can use the online tool Where’s My Refund? on the IRS website, or you can download here the app IRS2GO to have access to the same information on your mobile phone. The information in both the online tool and the app is updated constantly to allow you to get information about your refund as it’s processed by the IRS.
If You File on Paper, Make Sure to Use the Right Address
As explained above, filing electronically is the best option. If you decide to mail a paper return, it’s important to make sure to use the right address. You can check this website
to verify the address you should use, according to your state. Keep in mind that people who mail a paper return may have to wait several more weeks to get their refund, compared to taxpayers who file electronically.
If You Can’t Pay Your Taxes, You May Qualify for an Installment Agreement
There are also alternatives for those who can’t pay their taxes by July 15. Taxpayers who qualify may request an Installment Agreement to the IRS. You can do this online or mailing the Form 9465 (SP) Installment Agreement Request to the IRS together with your tax return, IRS bill or notice.
Ask the Experts at Meadville Tax Service
Under the current circumstances, the world of taxes changes constantly, so it’s important to stay updated. You can check the IRS website or this blog. It’s also a good idea to get personalized advice from an expert who can help you get advantage of the relief initiatives unrolled by the government.
At Meadville Tax Service we have the know-how and the drive to assist you so you can file your taxes efficiently, limiting your tax liability while staying compliant with federal tax regulations. Contact us today by email, telephone (814-333-2488) or through our social media accounts on Facebook, Twitter and LinkedIn to learn more about our services.