Everyone fears the taxman, right?
When push comes to shove, despite a complex tax code and who knows how many possible forms and schedules, it's not all that hard to get your taxes filed. And the consequences for non-filers can be harsh.
So, make sure to get your returns filed.
There are plenty of options.
You can always file a paper return as long as you have it postmarked by midnight tonight. Major post offices should be open late. If you don't have your tax form, yet, you can download them from the IRS website, here.
If you want to file online, the IRS lists options for free electronic filing here. Free e-filing through IRS affiliates is available to taxpayers who earned $57,000 or less for 2009.
You can also utilize one of the many commercial websites for tax filing. I've personally used TurboTax for my own taxes and we use TaxAct Professional Edition for filing client returns. There are plenty of other options available as well.
If you absolutely cannot get your federal return filed today, file an extension! You can download the proper form, again, from the IRS website, here. Postmark the extension by today, file it online yourself via one of the commercial tax prep sites - some free, some not - or have your tax professional file it online for you.
It's a simple form to complete, but there is a catch. In order to avoid any penalties, the IRS requires you pay your taxes up front. For tax payers who receive W2 wages, this usually isn't an issue. You probably have enough withheld already. For self-employed taxpayers and independent contractors who receive their wages on form 1099, you have to deposit at least 90% of your total tax liability by today. If you haven't kept up with quarterly tax deposits, you can include a check, payable to the US Treasury Department and with a memo specifying tax year 2009, for the deficiency when you mail in the extension.
You can also make a deposit through the IRS's EFTPS System. If you're not already familiar with EFTPS, it's an online payment system that allows you to make tax deposits. It's free, secure, easy, and supremely convenient. I recommend it for any taxpayer who makes estimated payments and for business who need to make quarterly estimated tax deposits.
Above all, just make sure to file something, even if you can't afford to pay what you owe. The penalties for non-filing are steep - up to 50% of your total liability when you include failure to file and failure to pay penalties. The IRS is always willing to work with you to arrange monthly payments that you can afford.
If you have any questions, you can always contact The D. J. Marcus Law Firm LLC for help.
Cross-posted at The D. J. Marcus Law Firm LLC Tax Law Blog