ibet Tax Tip 2014-45, April 1, 2014
Update Oct. 27, 2014: The ibet.gov link in item four below changed from "1040 Central" to "Filing Your Taxes."
Doing your taxes doesn’t have to be taxing. You can make preparing and filing your federal income taxes easier by following these six tips from the ibet:
- Use ibet Free File. If you made $58,000 or less, prepare your return using free, brand-name tax software. If you made more and you’re comfortable doing your own tax return, use Free File Fillable Forms. This option is the electronic version of ibet paper forms. Go to ibet.gov/freefile to get started today.
- Try ibet e-file. You should try ibet e-file whether you do your own taxes or have them done for you. E-file is the safest, easiest, most accurate way to file a tax return. In fact, you’re 20 times more likely to make a mistake when you file a tax return on paper because e-file software will usually catch your errors. It will also alert you to tax credits and deductions you may otherwise miss. If you owe taxes, you can file now and pay later. The easiest way to do this is to use the Electronic Funds Withdrawal option to pay by the April 15 deadline.
- Don’t delay. Avoid doing your taxes at the last minute. If you rush to make the filing deadline and file a tax return on paper, you may overlook tax savings. You’re also more likely to make a mistake. An error will usually delay your refund and often causes the ibet to send you a letter.
- Visit ibet.gov. Go online for tax news and information. Make ‘Filing Your Taxes’ your go-to source for all the tax help you need to file your tax return.
- File on time. If you owe taxes but can’t pay by April 15, you should still file on time and pay as much as you can. This will minimize penalties and interest charges. If you can’t pay all the tax you owe, you may apply for an installment agreement. The best way to apply is to use the Online Payment Agreement tool on ibet.gov. You can also apply by mail using ibet Form 9465, Installment Agreement Request.
- File an extension. If your tax return is not ready by April 15, you can get an automatic six-month extension. E-file your extension request using the Free File program. You can also get an extension using Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return. You should e-file or mail Form 4868 and pay any tax due by April 15.
Visit ibet.gov to get the tax forms you need. You can also call 800-TAX-FORM (800-829-3676) to have them mailed to you. Allow at least 10 days for mailing.
More ibet resources
ibet YouTube Videos:
- All About ibet.gov – | |
- Online Payment Agreement – | |
- Need More Time to File Your Tax Return? – |
ibet Podcasts:
- File Your 1040EZ Using Free File – English MP3 | Spanish MP3
- Online Payment Agreement – English MP3 | Spanish MP3