April 17th, 2012 is the last day that caregivers can file taxes for themselves and their elderly loved ones.
Ways to file:
There are a variety of different ways for caregivers to file taxes, but the Internal Revenue Service (IRS) says that e-filing online is ideal because it is generally more accurate and often results in rapidly delivered refunds.
Options for e-filing vary depending on how much money you (or your elderly loved one) have made in the past year.
The IRS offers a service, called "Free File," that allows anyone, regardless of their income, to fill out and submit tax forms online.
If you have an adjusted gross income (AGI) of $57,000 of less, you may also have the option to e-file for free using a variety of different filing companies. Your AGI is the total amount of money you made in the past year minus the exemptions you qualify for.
The IRS has a page with links to software companies (such as TurboTax and H&R Block) that will help you file your taxes by asking a series of questions about your income and personal situation. These companies will fill out forms for you based on your answers to their questions and submit those forms automatically to the IRS.
Filing an extension:
If you're worried your taxes won't be ready in time, you can apply to have your individual tax deadline extended until October 15th, 2012.
You can request an extension by filling out a Form 4868 on the IRS website. You also have the option of printing out the form and sending it in to the government agency via the regular mail.
The two important things to remember about filing an extension are: your Form 4868 must be sent or postmarked by April 17th, 2012; and, the extension only allows you more time to prepare your tax return—it doesn't extend your payment deadline. If you owe back taxes to the IRS, you need to pay them by April 17th, 2012, or face penalties.
Caregivers can consult the IRS website for further information on filing taxes:
Tax Filing Deadline Rapidly Approaching orginally appeared on AgingCare.com