CHICAGO (TheStreet) — As the clock ticks down to April 15, do you feel your blood pressure rising? Does your desk look like a natural disaster as you try desperately to get your receipts and financial statements in order? Then you may be need of some serious tax-season emergency care.
The good news: It's not too late to take control. Starting today, there are three steps you can take to salvage this year's taxes.
Step 1: Buy yourself more time.
Sure, you could procrastinate until the last minute, pull an all-nighter and then find a post office open late on April 15. But do you really want to complete such critical paperwork under enormous time pressure? Being tired and cranky only increases the likelihood that you'll make errors on your return — errors that might cost you money down the road.
Instead, request an extension by filing form 4868 with the IRS. It couldn't be easier: All you have to do is fill out a half-page document, and you'll get until Oct. 15 to complete your full return.Although the form asks you to make an estimated tax payment, you don't have to include any money if you don't want to. However, interest will start accruing on your unpaid taxes from April 15 on. You'll also be charged a late payment penalty of ½ of 1% of your total tax bill for every month it remains unpaid.
If you include an estimated payment with Form 4868, that amount will be reconciled with your completed return, which means you might get some money back or have to pay a little more.
The other reason to file for an extension? It gives you more time to consult with tax pros who don't have time to meet with you now, since they're swamped with other clients. Which brings us to ...