So you still haven’t filed your tax return even though the deadline is only days away? You may want to read last week’s “Common Law” column, which discussed the basics of filing a request for an automatic extension to file an individual tax return (Form 4868). For the rest of the procrastinators out there, here are short answers to common questions related to filing a tax return.
Can I make my tax-return payment with a credit card?
Yes. The IRS will accept various types of payment, including credit card, electronic funds transfer, check, money order, cashier’s check, or cash. Payment to the IRS by credit card can be made through one of two official vendors: Official Payments Corporation at 800/272-9829 or Link2Gov at 888/729-1040.
How long should I hold on to the documents that support my tax return?
The IRS recommends that documents that support an individual tax return should be kept for at least three years. A more cautious approach is to keep the documents for six years, which is the limit within which the IRS can audit someone who it suspects has underreported income by 25% or more. The IRS suggests other hold periods for specific situations. Check out the IRS website to learn more (www.irs.gov – “How Long Should I Keep Records”).
Will I get my refund back faster if I file my tax return electronically?
Yes. According to the IRS, if you file a complete accurate paper tax return, your refund will be issued within six weeks of the received date. If you file electronically, however, the refund check will be issued within three weeks of the acknowledgment date. You can call the Refund Hotline (800/829-1954) or go to the IRS website (www.irs.gov – “Where’s My Refund”) to check on the status of your refund. In order to check the status of your refund, you will need to provide your Social Security number, your filing status, and the exact whole dollar amount shown on the tax return.
This article appears in April 11 • 2008.