July 5, 2008  
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Money matters after April 15


Tax day has come and gone for most people, but your dealings with taxes may not be over yet. The IRS offers these tips for handling some typical after-tax day issues:

Didn’t file by April 15? If you failed to file a 2007 tax return by the deadline, it’s not too late but it will delay your stimulus payment. If you owe taxes with your return, it’s likely you’ll be charged interest and penalties on anything not paid by April 15, along with a late-filing penalty. It’s too late to request an extension of time to file, so the important thing is to file your return as soon as possible. To reduce the penalties and interest, pay as much as you can with the return. If you’re due a refund and file late, you won’t be penalized, but you could lose the refund if you don’t file and claim it within three years.

Want to check the status of a refund? Visit IRS.gov and click on "Where’s My Refund?" You’ll need to input the primary Social Security number on your return, you filing status and the amount of refund you expect. If you don’t have Internet access, call the IRS Refund hotline at 1-800-829-1954 to check on your refund.

Hoping to get an economic stimulus payment? If your 2007 tax return was processed by April 15 and you are eligible for a payment, the distribution schedule posted at IRS.gov should apply to you. You can use the Economic Stimulus Payment Calculator at IRS.gov to see if you’re eligible and to calculate the amount to expect, but you’ll need information from your completed 2007 tax return to use the online calculator. Note that you must file a 2007 tax return by Oct. 15, 2008 if you want to get a stimulus payment in 2008. For assistance with stimulus payment questions, visit IRS.gov.

Not happy with the amount of your tax refund? Fix if now for next year by adjusting the amount you pay in. If you’re an employee, use the IRS’s online Withholding Calculator to figure the correct status and number of allowances. Then adjust your withholding by filling out a new Form W-4 with your employer. If you’re self-employed, adjust your estimated tax payments. And if you’re not making estimated tax payments. And if you’re not making estimated tax payments, you can start on June 16, the next due date, using form 1040-ES. Visit IRS.gov for details.

Need an installation agreement? If you owe the IRS money and can’t pay it all, visit IRS.gov to set up an online installment agreement. The $105 set-up fee drops to $52 if you make your payments via automatic debit. Lower-income applicants may qualify for a reduced fee of $43. The fees are adjusted automatically when your online application is processed. If you don’t have Web access, call the IRS at 1-800-829-1040 to set up a payment plan.

Want to e-file your tax return now? E-filing is still available through Oct. 15, the filing deadline for those who requested an extension. But even if you didn’t file an extension you can still e-file your return. Access available e-file returns through IRS.gov, or if your 2007 adjusted gross income was not over $54,000, use the IRS Free File program. To avoid tax scams, access Free File only through IRS.gov or by calling 1-800-TAX-FORM. Be sure to wait until your original return was processed before trying to amend it.

Got an e-mail from the IRS? Beware! The IRS will never contact you about your taxes via e-mail. If you get an e-mail that appears to be from the IRS about your refund and directing you to a Web site, it’s probably an attempt by scammers to steal your private information.

Need help with a tax problem? If you encounter a federal tax problem, contact the IRS immediately. Waiting can cost you time and money. If you get a notice from the IRS, call the phone number on the notice immediately, or call the General IRS help line toll-free at 1-800-829-1040. If you’ve tried the normal IRS channels and the problem still isn’t resolved, contact the Taxpayer Advocate Service toll-free at 1-877-777-4778.

Editorial provided by the IRS

 


 

 

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