Last minute tax tips before Tuesday's filing deadline

Last minute tax tips before Tuesday's filing deadline

If you owe money and cannot pay immediately, you can ask the IRS for installment agreements when you file your taxes.

"It's important to note that the failure-to-file penalty is generally more than the failure-to-pay penalty", said Sanford. And filing earlier in the season gives you time to more carefully prepare your returns and avoid errors. The agency has information here about what you need to do to file for a tax extension. For more information, visit http://www.irs.gov/Individuals/Free-Tax-Return-Preparation-for-You-by-Volunteers. You can do much smarter things with that money, like putting it into a retirement plan or a college savings fund or maybe paying down outstanding debt or replenishing your emergency reserve fund. That's because the 15th is a Sunday and the following Monday is Emancipation Day, a federal holiday.

The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief. The result is that it's like a federal holiday and that means that taxpayers have an extra day to file taxes.

If a taxpayer is requiring more time to file taxes, they can apply for a 6-month extension by filling out Form 204 by Tuesday.

ID theft is another one to look out for Scammers use stolen personal information, social security numbers and falsified W-2 information to file fraudulent tax returns in the victim's name. This will serve as proof of filing similar to certified mail, receipt requested. Good news, you don't have to file by April 15 to be on time. If you're married filing jointly and your adjusted gross income is less than $150,000, just make sure that this year's withholdings plus payments equal the same as last year.

There are some circumstances in which your refund may take longer. If you haven't filed yet, experts say you need to file for an extension. Additional information on tax extensions is available in IRS Publication 54. While this is nearly certainly smaller than the actual number of people experiencing these events, it may not be an accurate comparison for the 2017 tax year because of the vast differences in popularity of the cryptocurrency space between those periods.