Frequently Asked Questions about Tax Return

•  The deadline to file your individual tax return (Form 1040) is typically April 15 each year. However, if April 15 falls on a weekend or a holiday, the deadline is extended to the next business day. If you cannot file by the deadline, you can request an extension by submitting Form 4868 by the original filing deadline, which gives you until October 15 to file your return. Keep in mind that an extension to file does not extend the time to pay taxes owed; you must estimate and pay any tax liability by the April deadline to avoid penalties and interest. 

To prepare your tax return, you’ll need the following documents:

• Personal Information: Social Security Numbers (SSNs) for yourself, your spouse, and any dependents.
• Income Documents:
  • W-2 forms from employers.
  • 1099 forms for other income sources, such as freelance work, dividends, or unemployment benefits.
  • Records of any other income (e.g., rental income, self-employment earnings).
• Deductions and Credits:
  • Receipts for deductible expenses (e.g., medical expenses, charitable donations, education costs).
  • Form 1098 for mortgage interest paid.
  • Childcare provider information for the Child and Dependent Care Credit.
• Other Documents:
  • Last year’s tax return (optional, but helpful for reference).
  • Bank account information for direct deposit or withdrawal.

If you can’t pay your taxes in full by the April 15th deadline:

1. File Your Return on Time: Always file your tax return or an extension by the deadline to avoid the failure-to-file penalty, which is much higher than the penalty for not paying.
2. Pay What You Can: Pay as much as possible to reduce penalties and interest on the remaining balance.
3. Set Up a Payment Plan: The IRS offers payment options, such as:
   • Short-Term Payment Plans: Pay the balance within 120 days.
   • Long-Term Installment Agreements: Monthly payments for larger balances.
   • You can apply online or by submitting Form 9465.

1. Consider Offers in Compromise: In extreme cases, you can negotiate with the IRS to settle for less than you owe if you meet eligibility requirements