You can learn from experiences in tax filing seasons in the past. Request an extension to file if you need to. Adjust your witholding tax if you end up owing taxes, or if you paid too much tax and would prefer to have that refund available to use during the year. Keep income tax implications in mind and keep records in order to take advantage of tax benefits available. With a little preparation and planning, you can make your life a lot easier next tax season, and maybe even reduce your taxes.
The tax filing season may end in April, and after you finish doing your taxes, they may be the last thing you want to think about, until next year anyway. But income taxes affect us throughout the year. You can learn from prior years' experiences, benefit from them, and put yourself in a better position for next time. The personal financial decisions you make, the actions you take, and the types of records you keep during the year can all have income tax implications and consequences. By keeping this in mind you will find yourself better prepared and more in control of your own tax situation. The time to start preparing for next year's taxes is now.
Extensions and Payment
First of all, maybe you aren't ready to file by April 15th. If not, you may be able to get an automatic 4-month extension until August 15th by filing Form 4868. If you think you will owe taxes, you should pay the estimated amount you think you will owe by April 15th, when you file Form 4868 requesting the extension. If you do not pay by the April 15th deadline you will have to pay interest on the tax due, even if you get an extension to file. If you still need more time, you can get an additional 2-month extension, until October 15th by filing Form 2688, once you get approval for your initial extension. But you will need to have a good reason.
If it turns out that you owe taxes and you don’t have the money to pay them, you should still file on time, because there is an additional penalty for not filing. You can request an installment payment agreement by filing Form 9465.
U.S. citizens and residents living outside the U.S. have an automatic extension until June 15th. And individuals serving in combat zones have an automatic extension both to file and to pay their taxes.
Amended Returns
When you have filed a return and subsequently find that you made a mistake or left something out, whether it was income, a deduction, or a credit, you can file Form 1040X, Amended U.S. Individual Income Tax Return. Be sure to show the year that you are amending. Form 1040X is a summary form, on which you show the amounts as originally reported, the amended amounts, the differences, and the tax effect.