The deadline for submitting state and federal tax returns is days away. By some estimates, as many as 25% of tax filers will wait until the last minute to submit their returns.
In the run-up to April 15 , the IRS has issued a series of steps taxpayers can follow before they submit a return.
These include reviewing their returns to ensure all income is reported and deductions are claimed correctly. Taxpayers should also keep supporting records, such as pay statements, investment income reports and charitable donation receipts, according to the IRS.
Those who have not yet filed should do so as soon as possible, even if they cannot pay the full amount they may owe. This allows taxpayers to claim available deductions and credits; reduce failure-to-file penalties; and access payment and resolution options, the IRS says.
Electronic filing remains the fastest and most accurate way to submit returns, and the IRS encourages that method to ensure timely delivery. E-filing also means taxpayers need not be concerned about on-time postmarks.
The IRS is encouraging taxpayers to use other online tools to manage tax matters securely without the need to call or visit an IRS office. The IRS website offers individual online accounts to view balances, make payments and manage payment plans. The Where’s My Refund? tracker can also be used to check on pending payments.
Taxpayers who owe are encouraged to pay as much as they can by the April 15 deadline. Paying even part of a balance can reduce penalties and interest, according to the IRS. Taxpayers who cannot make good on their full balances may qualify for payment plans.
Here is where to find more information about free tax return preparation services offered through the IRS to qualifying taxpayers:
New Jersey also offers a free service to those wishing to forgo commercial services and instead file a New Jersey Resident Income Tax return directly with the state. Numerous free tax preparation locations in New Jersey offer in-person, remote and drop-off options. Many locations are listed here.
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