Taxes not done? No need to panic

Wed., April 9, 2008

David Uffington King Features Syndicate

If you’re down to the wire and haven’t finished (or started) your taxes, there’s still time to get it done. It’s important to file on time because penalties and interest accrue if you don’t. The meter starts running the day taxes are due, and they can add up to 25 percent of your tax bill.

Here are some ways to get your taxes done at the last minute:

•Take your taxes to a tax preparer such as H&R Block. Call ahead of time to see if there’s a long wait. Ask how long before your return can be completed.

•The IRS has the Volunteer Income Tax Assistance Program, where you can get free basic tax preparation if you can be considered low or moderate income (approximately $40,000). Call 1-800-829-1040 for a location near you.

•If you’re age 60 or older, consider the Tax Counseling for the Elderly Program. For more information on TCE, call 1-800-829-1040. Also consider the AARP Tax-Aide program for seniors. Call 1-888-227-7669 for information

•You can call the IRS for help with filling out the forms (1-800-829-1040) or visit a Taxpayer Assistance Center near you. The IRS Web site has a locator to find the center closest to you with addresses and phone numbers. Call in advance to ask about its hours. If you go that route, take everything you might need — Social Security numbers of dependents, W-2 Forms and so on. Be sure to write down the name and employee number of the agent who helps complete your return.

•Grab tax-prep software from an office-supply store and start plugging in your numbers. Remember to let the program get the form updates online. Read the computer requirements on the box to make sure your machine can handle the software.

•Use the IRS software FreeFile, available at www.irs.gov, to prepare and e-file if your adjusted gross income was less than $54,000.

If all else fails and you cannot get your taxes finished in time, file a Form 4868 to get a six-month extension of time for filing. Note that it’s an extension for filing, not paying — you still must pay what you estimate you owe at the time you file.