4 Tips for Last Minute Tax Filers

The deadline for filing your taxes this year is Wednesday (April 15, 2009) at midnight. Even if you don't think you can file by tomorrow, at least start the process and ask for an extension. You can get the 6-month extension online, though you will still need to pay what you owe (or a portion of it) by April 15.

Here are some tips for last minute filers....

1. File for an extension.

Even if you don't think you can make tomorrow's deadline for filing, don't panic. You have plenty of options to avoid penalties.

You can get an automatic 6 month extension to file your return if you need it. Applying is painless and will make your tax return due on October 15, 2009 instead of April 15. About.com Tax Guide William Perez has a great article on everything you need to know to file for an extension.

However, be aware that the extension is only for filing your paperwork. The amount you owe is still due on April 15. Failure to pay your tax share may result in penalties and interest being tacked on to your balance. Even if you can't afford your entire tax bill this month, avoid penalties by paying what you can by the 4/15 deadline, and the IRS will send you a bill for the rest later. (Note that there are no penalties if you are owed a refund but file late.)

2. File electronically.

Whether you want to file for an extension or submit your completed returns by the deadline, doing it online will save you time and hassle. You don't have to run to the post office at 11:59pm tomorrow night like you did in previous years. You can even file an extension request online.

Start at the IRS website (www.irs.gov), and click on the e-file link in the sidebar. From the e-file page, you can select the type of filer you are (individual, business, non-profit, etc) to get instructions for e-filing your return. For individuals, you can use your favorite tax preparation software (eg., TurboTax, TaxCut), or you can use the online forms (called "fillable forms" in IRS parlance), to file electronically.

39 states are working with the IRS to allow e-filing. If your state is one that is listed, you can do all of your tax prep online! If not, then you will still need to postmark your state return forms by tomorrow night.

3. USPS offices may be open late on filing day.

Some USPS offices will be open past midnight on Wednesday to deal with the late filers. You can use the USPS' Store Locator to find offices near you. Unfortunately, it doesn't tell you which offices will have extended office hours on Tax Day. Many post offices will NOT be open late, and even if they are, many won't be open past midnight. Thankfully, you can call 1-800-ASK-USPS (1-800-275-8777) to get special office hours information for Tax Day.

4. Need last minute help?

Don't panic. If you have last-minute questions about your tax return, you can call the IRS directly. Call 1-800-TAX-1040 (1-800-829-1040) and get help filing your return.

After you get your taxes filed by the deadline this year, here's a good project to start on April 16: find a good accountant, so you don't have to go through this hassle again next year.