We are now past the filing deadline for ALL 2011 tax returns. If you haven’t filed, chances are you are going to face repercussion from the IRS for your indiscretion. Keeping that in mind, the penalty will continue to get worse the longer that you wait so it is best to clean up your mess before it grows even larger. There are certain situations related to filing later that you must consider. Take a look at the details below. • Filing late – The Basics Filing a past due return is the easiest part of the process. You can even prepare the return on TaxSlayer.com and print out the forms to be mailed in. Feel free to contact our support team or visit the website for more information. Fill the return out just as you would have before and you are on your way. Keep in mind if you are owed a refund and/or the earned income credit you must file the return within 3 years to receive it…why wait to receive money that is YOURS?!? Also, if you are self-employed you could forfeit the Social security benefits that are due to you if you don’t file. These benefits are calculated based on your filing history. • Always pay in full If it is financially reasonable always make in effort to pay the taxes that you owe, along with late filing penalties and interest, in FULL. By doing so you can save yourself the penalties and interest that may result from continuing to put off payment, the longer you wait, the heftier they get. • Payment options Payment options are wide ranging and can help anyone. For starters you can pay via credit card or debit card. You can also have the funds directly withdrawn from your account. Most IRS offices will even accept cash. In most cases you can also contact the IRS to set up a payment schedule, it is better to set this up sooner than later and get it over with. • Sitting tight and the repercussions Say you choose to sit it out and not file your taxes…you could be in for a world of trouble. For starters the IRS will continue to assess penalties and interest until the amount due is paid. These can add up quickly and far eclipse the original liability. In many cases the IRS will calculate your amount due based on a substitute return. This return will be calculated based on information they receive from other sources and in all likelihood will not come out nearly as favorable as a self-prepared return due to the lack of exemptions etc. Once the IRS establishes an amount due they can place a levy on your wages or bank account and can even place a lien on your property. Oh yea…they can always toss you in jail. In summary, don’t wait to file your return, just because things look bad , they can get WAY worse. Log in to TaxSlayer today and get started on filing your past due returns…don’t wait.

While many of us mark April 15th on our calendars as the deadline for filing tax returns. The IRS however does not close efile until mid-October before turning things over to the next filing season, this year that efile deadline is October 17th. The majority of tax payers will still be subject to this deadline and any returns filed after that point will have to be mailed. However, in response to recent natural disasters the IRS has extended this deadline to certain tax payers in affected areas. From the IRS press release: The Internal Revenue Service today reminded taxpayers affected by Hurricane Irene, Tropical Storm Irene, Tropical Storm Lee and the Texas wildfires that they have until Oct. 31 to meet certain tax filing and payment obligations. E-file, which will close for all other taxpayers following the Oct. 17 extension filing deadline, will be open through the end of October to any taxpayer who lives or has a business in areas granted tax relief because of Hurricane Irene, Tropical Storm Irene, the Texas wildfires or Tropical Storm Lee in New York and Pennsylvania. Special Instructions for e-Filers The IRS encouraged any taxpayer who wants to include a payment with the tax return to e-File by Oct. 20. Because of year-end programming changes, IRS e-File will not accept returns that include payments after Oct 20. E-file returns that include a payment after that date will be rejected, but the IRS offers other options for these taxpayers to still e-file but pay separately by using: • EFTPS (The Electronic Federal Tax Payment System) • credit or debit card • check or money order These guidelines apply to e-File returns only. Payments accompanying paper returns are not affected. If you have questions about how this change may affect you, feel free to contact our support team via e-mail. Don’t forget that TaxSlayer will open for registration in late October. You can begin entering information for your 2011 tax return. Also, you can use our refund calculator to estimate what you refund will be based on your current paycheck information. Visit our Free Tax Calculator by clicking here.

We all appreciate the sacrifice that our soldiers make for our country. This is one of the reasons that TaxSlayer.com offers free e-file for military members and families. There is more good news due to a new law, and many military families may be eligible for a stimulus payment this fall. Because of new legislation, the HEART Act (Heroes Earnings Assistance and Relief Tax Act of 2008) will offer a stimulus payment. Before the new act, some military members or families did not receive payment because of an absence of a SSN for a spouse or a child. Below is a quote from the IRS Commissioner: "The IRS wants to make it as easy as possible for military families to get the stimulus payments authorized by the new law. People who already have filed don’t need to do anything else to get their money. We’ll do the rest,” said IRS Commissioner Doug Shulman. “We will work as quickly as possible to put these new provisions in place while making sure the rest of the stimulus payment program continues smoothly through the summer and fall." This November, the Treasury Department will mail checks and make deposits to the qualified military families. Time frame for payments has not been set, but there will be an announcement later in the year. The number of families is estimated to be around 10,000. The IRS has even gone so far as to work with the Department of Defense. They want to make sure that eligible families get their payments from the HEART Act. There are complexities with making the new payments, but the IRS should be commended for doing their best to take care of military personnel and their families. You must have filed a 2007 federal tax return to get the stimulus payment. Even if you e-filed your return, as long as your return was accepted, you are eligible. If you are a married couple that filed a joint return, you don’t need to take any further action. For those that qualify, you should receive a payment up to $1,200 and $300 for each child under 17. Remember that these stimulus payments for military members are based on 2007 returns so if you have not filed a 2007 tax return, make sure to do it as soon as possible.

Scams are everywhere. In hard times, they seem to be especially prevalent, and scams don’t exclude taxes. First of all, email is one of the easiest ways to fall for a scam. The IRS released a recent disclaimer to avoid unsolicited emails about electronic federal tax payments. These scam emails include references to the Electronic Federal Tax Payment System (EFTPS). The most recent email claims that tax payments made through this system have been rejected. Then, the email has a link for those that believe they have not paid yet. There is a falsified transaction report in the link. Once it has been clicked on, a virus will be downloaded onto your computer. This particular malware sends personal and financial information from the taxpayer’s computer. The information is then used for identity theft. For these reasons, the IRS and the Financial Management Service (the Treasury bureau that owns EFTPS) does not send direct notices through email. They recommend not opening any links or attachments included with an unknown email. Also, do not reply to the sender that pretends to be from the IRS or EFTPS. According to the IRS website, “EFTPS is a tax payment system that allows individuals and businesses to pay federal taxes electronically via the Internet or phone. It is committed to taxpayer privacy and uses industry-leading security practices and technology to protect taxpayer data.” Identity theft is a huge problem, but there are ways to combat it. There is an IRS strategy for fixing identity theft here. A key term to remember about scams is phishing. Phishing is anything that tricks a person into disclosing personal and financial information for identity through email. Many people are afraid to use online e-file because of fear of loss of personal information. This is a legitimate consideration, but only if you go to websites that aren’t secure and open emails from unknown sources. TaxSlayer knows the ins and outs of security when it comes to taxes. The system is updated constantly to ensure the safest e-filing of taxes in the industry. As long as you stick with the recommended sites for personal tax preparation, you’ll be good to go.