Judging by the number of people scrambling to get their taxes done, you’d think April 15th came on a different day each year. Like it or not, Tax Day is here. Hopefully you’ve followed Econ4U’s advice and filed your taxes months ago.
But in case you haven’t, don’t worry, we won’t tell. There’s still time to get them done, and there’s no shortage of resources around the web to help you make it happen.
First of all, if your income for 2009 was less than $49,000, you are elderly, or serving in the armed forces, you qualify for free help from the Volunteer Income Tax Assistance program. To find the location nearest you, visit IRS.gov, or call 1-800-906-9887.
If you’re going to do your taxes yourself, it’s probably worth using a computer program to help make sure you don’t forget any important deductions or tax credits. For example, thanks to last year’s stimulus bill, if you were unemployed in 2009 you can deduct the first $2,400 in benefits you received. Intuit’s perennial best-seller, TurboTax Online Deluxe, is $50, but it could easily pay for itself by preventing any mishaps or mistakes. Other good options include H&R Block’s “At Home” program (also $50), and the no-frills Tax Act Deluxe, which is only $10.
If it turns out you owe more money than you can afford to pay right now, it’s important that you file on-time anyway. The penalty for not filing is far worse than for filing without paying.
Last but not least, don’t forget to file a state tax return in addition to your federal 1040. It’s a common mistake, and can mean missing out on a hefty refund (or, worse, getting nailed with nasty penalties down the line).
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