Tax Talk 2016 FAQ

Last Minute Tax Questions

What documents should be included with my tax form?
Generally, the only forms that need to be attached are your W-2 and certain 1099 forms.  If you plan to e-file and have additional documents to include, you’ll need to fill out form 8453.

I found a mistake on one of my 1099 forms and haven’t received a corrected one yet. What should I do?
You have two choices. Either pay the amount of tax that is due and file for an extension or file your return and send an amended return later with an explanation.

Filing an extension
How do I get an extension to file my tax return?
All you need to do is file Form 4868 to obtain an automatic six-month extension. This will eliminate any late-filing penalties, but you will still need to include any taxes you owe.  Additionally, it should be noted that an automatic extension does not extend all deadlines associated with your tax return; for example it does not extend the time to make an IRA contribution.  If you are making an IRA contribution for the prior tax year (2016 in this case), it must be made on or before April 15, 2017.

Paying your tax bill
What if I can’t pay the balance of my taxes by April 15?
If you can show undue hardship, complete and mail Form 1127 on or before April 15 to extend the time of payment for up to six months. Your application must be accompanied by evidence supporting undue hardship, a statement of assets and liabilities, and receipts and disbursements for three months prior to the original due date of the return. If you don’t think you’ll be able to pay off your outstanding tax bill in full within six months, you can file Form 9465 to request an installment agreement. However, you will be charged interest on your outstanding tax balance. As an alternative, you may want to consider getting a loan from a family member, friend, or bank.

Getting your return to the IRS by April 15
My tax return won’t be ready until April 15. What’s the best way to get it to the IRS?
E-file your return, or use the U.S. Postal System. As long as your return is postmarked on April 15, it will be deemed filed on time. If mailing your return it is strongly advised that you mail it certified/return receipt so that you have proof that you mailed it in a timely manner.

 American Institute of Certified Public Accountants Texas State Board of Public Accountancy