Did you file your Federal Tax Return yet?
Posted By RichC on April 16, 2007
Thankfully for some of us procrastinators, the April 15th tax day has been extended two extra days this year … whew! In the right sidebar I’ve posted an audio interview from the San Jose Mercury News with personal finance reporter Mark Schwanhausser talking with Bert DuMars, the director of Electronic Tax Administration for the Internal Revenue Service. They address several tips from the confusing date to file taxes –April 17th — to the Long Distance tax refund check box deduction for most of us. Its simple deduction that most are eligible for if LD excise tax was paid in the last 3 years … about 98 percent of American households.
As you might imagine, Mr. DuMars stresses electronic filing of taxes which makes sense and really streamlines work for the IRS and accuracy for the filer. E-filed returns have lower error rates (1% or less) and since the Internal Revenue Service has work closely with all the software companies many of the common glitches are prevented. Paper returns have significantly higher error rates (about 20% of the returns), partially because of filer mistakes and partially because their paper returns at the ‘tingle table,’ some because the paper returns have to be entered into electronic form by IRS employees and often even in the final editing.
The best advice for self filers is to consider using computer software and electronically file of your return. (also remember … if you just can’t get your paperwork in that you can file an extension without penalty so as long you are owed a refund, otherwise you better send in part of what is due — worth calling them.)
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