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Tax day: 5 last-minute income tax filing tips

tax-day

It is the most dreaded time of the year for many Americans, April 15, tax day.  Here are five last-minute tips to help on this day:

1) Before you mail your return off, check to make sure you have the correct postage on the envelope. According to the U.S. Postal Service  “For First-Class letter-sized envelopes, one ounce is 49 cents and 21 cents for each additional ounce. A two-ounce letter-sized envelope is 70 cents. A First-Class flat-sized (8 ½ X 11) envelope, the cost is 98 cents up to one ounce and 21 cents for each additional ounce. That’s $1.19 for a two-ounce flat-sized envelope.”

2) If you are dropping your return off in the mailbox, check the last pickup time.

3) Your income may qualify you for free tax preparation help through the Volunteer Income Tax Assistance program. In order to qualify, you must have made $53,000 or less in 2014.

4) Try IRS Free File.  You can prepare and e-file your tax return for free using IRS Free File. Free File is only available on IRS.gov. If you made $60,000 or less, you can use free brand-name tax software.

5) File an extension! If you are not able to get your taxes done by the April 15 deadline, you can file for an automatic extension with Form 4868. An extension will get you give you an extra six months to file your taxes, but you still have to pay. If you do not file an extension or pay your taxes, the late filing penalty is 5 percent per month, If you file an extension the penalty is 0.5 percent per month for paying late.