ELECTRONIC FILING AND EXTENSION APPLICATIONS CAN EASE THE TENSION AROUND APRIL 15

As another tax filing season comes to close some people might wonder what they can do to procrastinate further the process of paying their taxes.

Unfortunately, April 15 is the deadline for payments to the Internal Revenue Service and any extension filed is only to allow the taxpayer more time to properly file his taxes and not a grace period for payment.

Debbie Beussink Eudy, a certified public accountant with Beussink, Hey, Martin and Roe, said people that don't think they will be able to file in time should acquire Form 4868 to file an extension.

This extension must be accompanied with a payment based on a proper estimate of the tax owed.

She said at least 90 percent of the tax has to be paid for the IRS to grant the four-month extension to file.

If the payment is less than that the extension will be disallowed and the taxpayer will be hit with a 5 percent per month penalty plus interest on the overdue balance.

"Extensions can also be filed electronically now," Beverly Craiglow said.

Craiglow runs a bookkeeping service in Jackson.

Craiglow said Missouri taxes can be filed electronically as well.

"Quite a few of my clients electronically file, but some still don't trust it," she said.

A big benefit with electronic filing coupled with direct deposit is the speediness of the refund.

Refunds come back within two to three weeks with direct deposit or within three to four weeks by mail, Ted Gorychka said.

Gorychka, satellite director at H&R Block, said that if a taxpayer knows he can't pay his tax on time there is help.

There is an installment form that can be filed that will allow you to pay your tax in installments. That is Form 9465.

Gorychka also said taxpayers can also file for an extension with the state.

And what advice is there for those of you who have waited until today to start working on your returns.

Gorychka said that people need to double check their math and the biggest problem with people doing their own taxes is having incorrect social security numbers.

"This year by law the IRS can adjust your taxes if you have an incorrect social security number," Gorychka said.

Any wrong social security number will cost the taxpayer the deduction they take for that dependent.

Gorychka also said that electronic filing is a good way to make sure you don't make social security mistakes.

"You don't have to worry about losing the return in the mail and all electronic forms are screened for proper social security numbers before they go any further," he said.

Eudy's advice for tomorrow's frazzled filers is to not forget to attach W-2 forms and don't forget to sign the forms. If it is a joint return, have both people sign it before mailing it.

Perhaps the quickest and most painless way to be sure you file on time is to file via the Internet.

You can visit the IRS online at WWW.irs.ustreas.gov/cover.html.

To file your Missouri state taxes online go to WWW.state.MO.US/dor/tax/96forms.htm#Electric.

To file your Illinois state taxes online go to WWW.revenue.state.IL.US/.

Another site that might help is the FedWorld site at WWW.FedWorld.gov:80/.

One word of caution for online filers at this time of year the site might be overwhelmed by inquiries and may not work properly. If this is the case, you could try at another time or use another filing alternative like telefile or use the mail.

If you do not have Internet access or prefer to do your returns yourself, there are some toll free help numbers that may help you with questions.

In Missouri and Illinois you can call 1-800-829-1040 for live assistance. The hearing impaired should call 1-800-829-4059 for assistance.

For pre-recorded information call 1-800-829-4477.

If you are wondering what the status of your Missouri refund is, call 1-800-411-8524 and follow the menu instructions.

For Missouri fax-on-demand documents and tax forms, call 573-751-4800. In Illinois call 217-785-3400 for forms and publications.

If all you don't know where to send your federal return, the address is:

IRS

Kansas City, Mo. 64999-0002

If this tax season has overwhelmed you or if you just want to make sure your return is right, there are a number of CPAs that are ready and waiting to help, but hurry, tomorrow is the deadline!