Chicago, IL-April 5, 2010 – The continuing downturn in the economy means that many cash-strapped Americans are anxiously looking forward to receiving a tax refund check from the Government. During this tax season, the Better Business Bureau serving Chicago and Northern Illinois advises taxpayers to use caution when filing returns to avoid making common mistakes.
Many Americans still have not filed their taxes and may seek assistance from a professional tax preparer or tax software this year. The BBB encourages taxpayers to use caution when selecting tax preparation help or they may get hit with headaches and mounting fines and fees if the return isn’t correct or filed late. Look for businesses you can trust for free at www.bbb.org
“In a difficult economy, a tax refund can provide much-needed cash for families enduring financial hardship,” said Steve J. Bernas, president & CEO of the Better Business Bureau serving Chicago and Northern Illinois. “The BBB advises people fill out their tax return forms carefully to help ensure they don’t make mistakes at a time when they can least afford it.”
With the tax filing deadline approaching on April 15th the BBB offers the following tips for individuals still working on their returns:
· Check for missing, incorrect or illegible Social Security Numbers which can delay a tax refund.
· Taxpayers must sign and date returns. Both spouses must sign a joint return, even with one income. Anyone paid to prepare a return must also sign.
· File electronically instead of using paper tax forms to receive your refund more rapidly; by choosing direct deposit, consumers may also receive their refunds in as few as 10 days.
· Make any check out to “United States Treasury” and enclose it with, but don't attach it to, your return or Form 1040-V, Payment Voucher. Include your Social Security number, daytime phone number, the tax year and the type of form filed.
· Get an extension for your return. By April 15, you should either file a return or request an extension of time to file. Remember, the extension of time to file is not an extension of time to pay.
· Be sure to keep all receipts and other documents and forms that were used in preparing your tax return. The IRS has three years to audit a return. They can audit you without limitation if you do not file, file a false return, or purposely avoid paying taxes.
· If you notice a mistake on your prepared federal tax return, you can make changes by filing a 1040X. You have three years after filing to correct your return with this form.
For more advice on finding professionals you can trust, visit www.bbb.org
As a private, non-profit organization, the purpose of the Better Business Bureau is to promote an ethical marketplace. BBBs help resolve buyer/seller complaints by means of conciliation, mediation and arbitration. BBBs also review advertising claims, online business practices and charitable organizations. BBBs develop and issue reports on businesses and nonprofit organizations and encourage people to check out a company or charity before making a purchase or donation.