National Electrical Benefit Fund

Last Minute Filing Questions and Answers

April 1, 2006 01:00 AM
How Can I Pay My Taxes?

Last year 1.5 million taxpayers paid taxes via credit cards. Keep in mind, though, that using a credit card to pay taxes will require you to pay a third-party transaction fee. Another option is to make an Electronic Funds Transfer which allows the IRS to deduct the money from your bank account. You can also arrange to pay what you owe in monthly installments. You should discuss these options with a licensed tax professional or IRS representative.

What is the No.1 mistake taxpayers make?

The answer is Bad Math.

According to the IRS, errors in addition and subtraction are the most common mistakes taxpayers make. Experts say that a mistake in arithmetic or in transferring figures from one schedule to another results in an immediate correction notice. You can't appeal these corrections, but you can ask in writing that they be reviewed if you think the IRS made a mistake.

Remember to check your figures carefully before you send your prepared tax form to the IRS.

Which Reporting Form Should I Use?

For more information on which reporting form to use, see "Which Form Should I Use?" in IRS Publication 17 or visit the IRS website .

 

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