MEMPHIS, Tenn. — If you haven’t filed your taxes, you’re not alone.
Despite a record number of Tennesseans taking advantage of electronic filing this year, 2.1 million as of Friday, there are plenty of procrastinators out there.
IRS Spokesperson Mark Green said this is especially the case for taxpayers who owe.
“These individuals tend to wait to the latter part of the tax season, sometimes the last week, sometimes the last day,” said Green.
Keep these things in mind if you’re filing at the last minute:
Gather all documents
This includes W2s, social security numbers for all dependents and mortgage interest statements.
If you obtained insurance through the Marketplace, be sure to have your 1095 on hand.
Check tax preparer credentials
Choosing a tax preparer can be a difficult task no matter when you file.
However, taxpayers who file at the last minute may be inclined to select a preparer simply based on convenience.
It’s important to verify a tax preparer’s credentials.
The IRS has a new feature on its website, an online directory of public tax preparers.
The website PTIN Directory lets users write and read reviews on preparers.
File electronically for free
Anyone who makes $60,000 or less is eligible for free file.
Avoid long lines
If you have to visit an IRS office, call ahead to check for office hours and services provided.
Not all locations are open during the same hours or provide the same services.
More importantly, some don’t offer tax preparation.
Don’t miss out on money
There are more than 20,000 people in Tennessee who haven’t filed returns for 2011.
According to the IRS, that equates to $18 million in unclaimed refunds.
Despite have less than a week to finish, Greens said it’s critical to file something.
“The most important thing about midnight Wednesday, file a tax return or request an automatic six-month extension and at the same time if you owe, paying at least 90% or as much as you can.”
Remember, requesting an extension to file your taxes does not give you more time to pay!
However, there are some options for folks who can’t afford to pay when they file.
Green said, “Individuals who don’t have the money to pay right now, file something because, of course, that’s going to cut down on penalties and interest for failure to file.”
Can’t afford to pay?
The IRS offers the option for taxpayers who owe to pay in installments.
To request an installment agreement, taxpayers can fill out an Online Payment Agreement or a Form 9465-FS.
There’s an option to pay by check or have the money directly deducted from a bank account.
Taxpayers can have payments spread out over six years.
