Tips for filing income tax return

Tips for filing income tax return

The April 15 deadline to file the federal tax return is approaching fast. Last week, IRS reported that 67 percent of taxpayers had filed their income tax return. Over 90 percent of taxpayers have filed their income tax returns online during the current tax season.

Franchise Tax Board (FTB) in California is also accepting returns from taxpayers. As per the data released till Friday, nearly 6 million returns were still pending. More than 11 million returns have been filed in California. FTB spokesman Daniel Tahara said, “Those who owe money or have difficult or more complex tax returns typically wait until the last minute to file.”

According to reports, 7.5 million taxpayers have already received their refund. The average refund amount for California is $806 per return.

Taxpayers with income below $60,000 can file their return using FreeFile programs approved by IRS. IRS has urged taxpayers to file their tax return online. With online filing, tax refunds are easier to process. Additionally, taxpayers should choose direct deposit option for their refund. The refund will be directly credited to the bank account. However, IRS doesn’t send any notification. So, taxpayers will have to check their bank account to see the status of refund.

Also, IRS offers tax refund status online. Smartphone users can also download IRS2Go app to check their tax refund status online. The status is updated once every 24 hours.

IRS had received 99 million tax returns as on April 3. More than 77 million refunds have been issued already.

Taxpayers not ready with the paperwork can file for an extension. With extension, the paperwork can be submitted within six months. With IRS, Form 4868 has to be filed for six month extension.

IRS has also answered many frequently asked questions by taxpayers on its website.

Health