With the income tax deadline of April 15, 2014 rapidly approaching, many people are scrambling to meet the deadline. 1-800-Charity Cars, conductors of the nation’s largest vehicle donation distribution program, realizes that failing to meet the Internal Revenue Service deadline for income tax filing can result in interest and penalties.
If you are one of the many who wait until the last minute to file your income tax return, 1-800-Charity Cars would like to offer you the following last minute tax tips to help you meet the deadline or ask for extra time:
KNOW THE DEADLINE
Knowing the deadline and criteria surrounding it can help ensure that you don’t make last minute errors by rushing to complete your tax return. The deadline is April 15, 2014 at midnight, but that does not mean the Internal Revenue Service must have actual possession of your return at that time. It must be postmarked, hand delivered, or electronically filed by that time.
Getting organized may be the most valuable advice in our list of last minute tax tips. People often fail to meet the deadline due to lack of basic organization. They sit down to prepare their income tax return and are constantly stopping and starting as they look for information. Before you sit down to prepare your income tax return, be sure to collect everything you will need. Having everything ready will make preparing your income tax return faster and less stressful.
AVOID LAST MINUTE ERRORS
When rushing to meet a deadline, it is easy to make mistakes. Often, these mistakes are very simple, but get overlooked in the frenzy. Errors, such as incorrectly entering Social Security Numbers, birth dates, and misspelling names or other information, can cause your return to be rejected or delayed. This can be quite costly whether you owe income taxes or not, due to penalties that can be assessed. Be sure to take time to review any information you enter on your income tax return. This applies to both hand written returns or electronic returns.
You can utilize electronic filing of your income tax return to avoid missing the deadline and/or waiting in the line at the post office to get the April 15th postmark. There are plenty of places to choose from when electing to electronically file your return. Be sure to check the Internal Revenue Service site first at http://www.irs.gov/uac/Free-File:-Do-Your-Federal-Taxes-for-Free as they do offer free e-file.
FILE FOR AN EXTENSION
If you know that you are just not going to be able to meet the income tax filing deadline, then ask for an extension from the Internal Revenue Service. Avoid penalties and interest by filling out form 4868 Application for Automatic Extension of Time To File U.S. Individual Income Tax Return. This simple step can get you a 6-month extension from the Internal Revenue Service to file your return. Requesting this extension gives you until October 2014 to submit your income tax return. You can obtain the form at http://www.irs.gov/pub/irs-pdf/f4868.pdf
DON’T FORGET CHARITABLE GIVING
Last, but not least of our last minute tax tips is to remind you that if you make any contributions or donations to charities throughout the year, do not forget to add these to your return. It is very easy to overlook or omit things when you are feeling rushed. If you have made charitable donations, you should take advantage of the tax deductions available to you for your generosity. Refer to IRS Publication 526 for charitable giving or IRS Publication 4303 for guidelines about vehicle donations, and make sure you have what you need for those tax deductions. For more information on IRS guidelines for vehicle donations, read Understanding IRS Rules For Vehicle Donations and our important tax notice here.
If you have not started your charitable giving for 2014 yet or are looking for a noteworthy charity to donate to, you can start now and help change the lives of struggling families by making a monetary donation or car donation to 1-800-Charity Cars. We accept vehicles throughout the US and you will receive a full “fair market value” end-of-year vehicle donation tax deduction, if we provide your vehicle to a deserving family. Fill out our quick online vehicle donation form, call 1-800-242-7489, or donate using JustGive or PayPal at www.800charitycars.org and make a donation today!
If you enjoyed these last minute tax tips, make the April 15 tax deadline less of a stress in your life with this helpful article.