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Extension Filing And Late-Season Tax Tips
(NAPS)- Did you miss the April 15 tax-filing deadline but request a six-month extension? If so, you can still take advantage of these ways to save some time and money. First, make it a point to e-file your income tax return. By preparing AND submitting the forms electronically, you'll have the reassurance that your return was received in time. That's because you'll get an e-mail confirmingthat itwasreceivedbytheIRS.Plus,bye-filing,you'll be less likely to have follow-up correspondence from the IRS. Just make sure that you fileby the October 15, 2008, extension-filing deadline or you'll be subject to late fees and other penalties. You can e-file your return using tax preparation software, online or through your tax professional.
If you use the services of a tax professional, ask him or her to e-file your return. Those who have been approved by the IRS carry an "Authorized e- file Provider" designation. And if you are due a refund, make sure you also ask the preparer to set up Direct Deposit for you. That way, you'll get your refund in as little as 10 days and won't have to worry about your refund check being lost in the mail. You can have the refund deposited in up to three different financial accounts, such as to your checking, savings or retirement account. Better yet, you can e-filefor free if you made $54,000 or less in adjusted gross income during 2007. All you have to do is go to the IRS Web site, click on "Free File" and follow the instructions. You'll be asked to select a tax preparation company from a list and then will be redirected to their Web site to begin preparing your returns. It's easier and quicker than filling out paper forms. And if you need help, the tax program will help identify the appropriate deductions and also check your math. Free File is available 24 hours a day, seven days a week in both English and Spanish.
Since 2001, the number of e-filed returns has doubled from 40 million to nearly 80 million in 2007. Once you discover the many benefits of e-filing, it's unlikely you'll want to return to paper forms. So if you still need to filethis year's tax returns, don't forget to e-file. It's safe, quick and worry-free. And since it's paperless, that's a benefit for all of us. To learn more, visit www.irs.gov.
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