Last Minute Tax Q&A
What? You STILL haven’t filed your taxes?!? April 15th has come and gone. You, my friend, win the award for “Procrastinator Of The Year!” Fortunately for you, taxes aren’t due until Midnight. And, since most of the country e-files, there probably won’t be a mob scene at the Post Office. Remember those days? YIKES!
(Courtesy of Russ Wiles – Arizona Republic)
If you still need tax forms:
Get them at www.irs.gov, or stop by any of three IRS offices in the Valley, open today until 5:30 p.m., one hour later than usual. They’re at 4041 N. Central Ave. in Phoenix, 1818 E. Southern Ave. in Mesa and 7350 W. Camino San Xavier in Glendale. Obtain Arizona forms at www.azdor.gov. The Arizona Department of Revenue has offices at 1600 W. Monroe St. in Phoenix and 275 E. Germann Road, Building 2, in Gilbert.
If you’re looking for late postal pickups:
Find them at the Phoenix Municipal Stadium parking lot, 56th Street and Van Buren Street in Phoenix, and Peoria Sports Complex, near Bell Road and Loop 101. Both locations will be open until midnight, and both will sell stamps (cash only at Peoria).
If you need more time to file a return:
Get an extension by submitting IRS Form 4868 by today – you can do it online at www.irs.gov. This gives you until Oct. 17 to file. However, balances not paid by today face interest and penalties. Avoid the penalty by paying at least 90 percent of what you owe by today and the rest by Oct. 17. Use Arizona Form 204 for a six-month state extension.
If you’re looking for your refund:
Click on “Where’s My Refund?” at www.irs.gov. Plan on waiting three weeks for returns filed electronically or six to eight weeks for paper returns. So far this filing season, four in five individual returns qualify for refunds averaging $3,100 each.
If you owe taxes that you can’t fully pay:
File by today and pay what you can, to avoid the failure-to-file penalty. You might get up to 120 more days to pay, with reduced interest and penalties, or you can seek to pay in installments. Check both options under “Online Payment Agreement” at www.irs.gov.
If you’re concerned about an audit:
Recognize that only 1.1 percent of individual returns were examined last year, though the rate has been rising. The odds climb with income – 8.4 percent of returns reporting $1 million or more in income were audited – and certain tax situations.
If you need help managing tax records:
See IRS Publication 552 for suggestions. Normally, tax records should be kept for at least three years. But some documents should be retained longer, such as those pertaining to business operations, rental properties and the purchase or sale of homes and investments.