04/ 16/ 2007
Tax season can be stressful even when you're organized. If you're among the millions still scrambling to gather last-minute records or receipts, here are some last-minute tips to keep in mind:
Use a computer program to cut down on time, frustration and errors. If you are preparing your own taxes, software programs like QuickBooks or Web sites like TurboTax.com help you calculate your income, expenses and credits, and can keep your information on file for future reference. E-filed returns are processed faster than mailed ones, and often you will receive your refund quicker as well.
Make sure you have correctly filled out all of the necessary forms. To help small-business owners file their taxes, IRS.gov has a special section with helpful tips and forms for filing and paying your taxes.
The IRS recently released information to help small-business owners in deducting business expenses that fall under the "Other" category on the Schedule C, Profit or Loss From Business form. According to the IRS, expenses that do not fit into a particular category but are still deductible are deemed "other," and may include bad debts, business start-up costs, amortization of certain costs and the Gulf Opportunity Zone clean-up costs.
Double-check your return before you submit it. Even if you are using a computer program or Web-based software to file, be sure to double-check your return--and all attached forms--before sending it in. Common errors include misspelling names, listing incomplete or incorrect Social Security numbers, checking the wrong filing status or using an incorrect form.
Request an extension. If you don't think you'll be able to make tomorrow's deadline and you file your taxes as an individual, you can request a six-month extension using Form 4868. The request must be made by Monday, April 16, for all filers except those in Maine, Maryland, Massachusetts, New Hampshire, New York, Vermont or Washington, D.C., who have until April 17 to request an extension.
For additional tax information, visit NFIB.com/toolsandtips.
