Digital News Report – You still have until April 18 to file your 2010 tax return. The reason for the extension is due to the observance of Emancipation Day on April 15, which is considered a holiday. So if you are scrambling to complete your tax forms you still have a chance to file without being late.
Two popular tax programs, Turbo Tax, and H&R Block has a tax preparation software program as well as offices that can help prepare the tax forms. There are several ways to prepare and file your taxes online for free. However, if you have more complicated taxes, you might not be able to use the online free filing services.
Another thing to remember to do is to pay any estimated tax payments for the 2011 tax years. The address is usually different from the mailing address for filing your tax paperwork. So make sure to look up your state’s mailing address for the correct information.
Form 1040 is the form that you use when you want to itemize deductions or if you have different kinds of income sources, including self-employment. You might be able to use the 1040EZ form. If you are not sure you might want to compare the two options to see which one works best. Often itemizing deductions can offer savings on taxes.
Another option if you can’t file in time is to get an extension. You should pay the amount that you believe is due now so that you won’t be penalized for a late payment. If you overpay when you finally do file, you will get a refund, but you won’t get a penalty so long as you file by the extension date.
If you find the tax forms and paperwork too difficult to understand, you might want to seek out a professional tax preparation service. They will help you with the filing and can offer you strategies to save on next year’s taxes.
By Victoria Brown