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Things to Do before the April 15 Tax Filing Deadline

April 9, 2013

April 15th is the deadline to file taxes, and it is also the last day to file the first quarter’s estimated taxes for 2013. If you haven’t yet funded your IRA or Roth IRA, you have time. After the deadline, taxpayers will not receive the benefit of a deduction for 2012.

For a speedy tax filing, taxpayers who have yet to pay their taxes should e-file their tax returns because the IRS processes e-filed forms at a much quicker pace than paper forms.

“The e-file program’s question and answer format combined with the accuracy of its math calculations help to reduce common mistakes,” says an IRS employee.

For those paying estimated taxes, it is important to pay the first-quarter taxes before the deadline because non-compliance early in the year can be a disadvantage. In cases where negotiations are required for tax debt resolution, the IRS will consider continued compliance in favor of the taxpayer.

If sincere efforts are made by taxpayers for a tax debt resolution, the IRS will consider those. If you cannot pay taxes due to financial problems, the IRS expects you to request an IRS debt payment plan. If no effort is made to resolve the problem, the IRS will begin to charge penalties and interest on the owed amount, even if there are no collection actions.

An extension of time can be given for taxpayers who need more time to file their tax return, but it must not be confused with an extension of time to pay a tax debt, as no such program exists. If an extension to file is not sought, taxpayers are considered non-compliant, must pay a Failure to File penalty plus interest, and become vulnerable to IRS collection actions.

The deadline is nearing, as less than a week to stay in compliance with the IRS remains. To save money and time and to avoid complications, those who cannot pay their taxes for any reason should use the various IRS facilities available, such as an extension of time or an IRS payment plan, to avoid non-compliance or a tax debt.

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