Last-Minute Tax Do's and Don'ts
April 12, 2007 — -- With just five days remaining until tax day, there's precious little time until your return is due. Although you have two extra days this year -- tax day is April 17 -- that deadline is fast approaching. Here, some 11th-hour tips.
Filing your taxes is not an option -- it's a must-do. At this point, if you cannot locate all your forms and you do not think you are going to make it by the April 17 deadline, file for an automatic six-month extension. Go to the IRS Web site, www.irs.gov, and download a copy of form 4868. Keep in mind, filing for an extension only gives you more time to file -- not to pay. You must still pay 90 percent of the tax bill.
The IRS realizes that taxes are not easy. For low to moderate income taxpayers, the IRS offers a free service called Volunteer Income Tax Assistance Program (VITA), which connects taxpayers with trained volunteers who will help you file your taxes for free and on time. There are VITA sites all across the country -- located in colleges and shopping malls, libraries and community centers in most cities and states.
Additionally, if you are over the age of 60, the IRS offers a Tax Counseling for the Elderly (TCE) Program. There are more than 7,400 sites scattered nationwide to help seniors file for free. The best way to locate a VITA or TCE program is to call 800-829-1040.
This is one of my favorites. Bring your baseball mitt, Cracker Jacks and receipts to upcoming home games for the New York Mets, because you can receive free tax assistance from now through April 15. Tickets to the games start at $5. Not only can you get assistance on filing this year's taxes, but you can have your last three years of returns checked for free as well.
You still have time to make a contribution to your retirement savings and get a deduction on your taxes. If you make the maximum contribution of $4,000 to a traditional Individual Retirement Account --
