Six things to check before filing your taxes
(MoneyWatch) With April 15 less than two weeks away, a lot of folks will be scrambling to finish and file their tax returns.
Before you file, make sure to check for these six simple things.
Check for correct Social Security numbers for all individuals -- joint filers and dependents -- who are listed on your tax return.
Be sure to sign and date your returns. Both spouses must sign a joint return, even if only one had income to report. Anyone paid to prepare a return must also sign it.
If filing a paper return, use the bar coded envelops and labels provided by the IRS. Also make any corrections to it if your information or address has changed.
Attach all W-2s and required forms and schedules.
Make sure to make the contribution to your IRA before April 15 if taking a deduction for this contribution.
If you owe taxes, you should not attach your payment to your tax return. Instead enclose the payment (a check made payable to "United States Treasury") with a form 1040-V Payment Voucher and send it to the appropriate address.
April 15 is "pay day"
For many last minute filers, April 15 is also "pay day." That's because they'll need to pay the taxes they owe along with filing their returns. Many people still pay their taxes by mailing a check. The problem is that paper checks can be the target of fraudulent alterations. For this reason, the IRS suggests making the check payable to the "United States Treasury", not the "IRS". I also suggest using a pen with pigmented ink that cannot be washed or bleached, making it impossible to alter the check.
If you would like a more secure way to pay your taxes, then consider having your tax payment electronically debited from your bank account. This can be elected when you file your return or an extension using your personal computer and tax-prep software. When paying your taxes by direct account debit, you can specify an account and a payment date up to the April 15 deadline. All you need is the name of your bank, the account number and the routing number. But first, check with your financial institution to be sure they allow Electronic Funds Transfer (EFT) and to ensure you are using the correct routing number, to avoid any payment delays.
If for some reason you think an electronic bank account debit could make it easier for the IRS to spy on you, think about this: The same information you would provide electronically is already available to the IRS from the information you file with your tax return.
