It’s just days, maybe hours, until the filing deadline for federal and Minnesota income taxes. What can we taxpayers do to beat the clock and make sure we get our due, too?
The Minnesota Department of Revenue offers some tips on avoiding errors. The hints make Revenue’s job easier; at the same time, some also can speed up refunds. And some are common sense:
o Use official names shown on Social Security cards. This is not the place to abbreviate “David John” to “D.J.” The computers that process returns aren’t amused by nicknames. Speaking of accuracy, don’t take your W-2s for granted just because they came from your employer.
o Check and re-check Social Security numbers and account numbers for direct deposit of refunds. Come to think of it check all the numbers on your federal 1040 or state M1 returns – especially if you calculated by hand. We all make mistakes, and they can be costly on a tax return.
o File some type of return or ask for an extension by April 15, and pay as much of what you owe as possible. This is a situation in which something is a much better than nothing! The paperwork might linger with an extension, but the taxes are due.
o Minnesota Revenue advises you to pay your taxes electronically, if possible. Both state and federal governments both have been urging online payments because they are quicker and easier to process. If you’re expecting a refund, choose direct deposit to one of your bank accounts. Going direct makes it easier on Revenue and faster for you.
o If you’ve moved into or out of Minnesota, make sure your tax refund or other letter notices will follow. In Minnesota, place an X in the “New Address” box. Revenue’s processing machines might not pick up an address change if that box isn’t checked. In fact, it’s a good idea to tell the tax people where you are immediately after a move.
A tax preparer typically will check on details like these; it’s one advantage of dealing with a pro. If you’re not quite prepared for Tax Day, give us a shout at EricJohn Ltd. We can help in the rush!