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Knight Ridder

April 15 is just over a week away.

Be afraid. Be very afraid.

There's no time to waste. But there is time to file correctly.

• Round up receipts and other important documentation for this year's return. Find the income, deduction or tax credit items from last year's return.

• Don't rush. Filing in haste can cause you to overlook potential tax savings and may make mistakes more likely.

• Use the IRS Web site, www.irs.gov. Anyone with Internet access can download tax forms, instructions and publications as well as tax law information and answers to frequently asked tax questions.

• The IRS offers recorded messages on about 150 tax topics through its TeleTax service at (800) 829-4477. It also offers federal tax forms and publications at (800) 829-3676. Many post offices and libraries carry the most widely requested forms and instructions. Libraries may also have reference sets of IRS publications. The IRS has a tax help line for individuals at (800) 829-1040.

• Filing electronically is the fastest and most accurate way to file a tax return. And your refund will arrive in half the time that it takes for paper filers.

• Review your return for possible math errors, and make sure the names and Social Security or other identification numbers for yourself, your spouse and your dependents are correct and legible.

• If you owe taxes and can't immediately pay, you can apply for an IRS installment agreement, setting your own monthly payment amount and due date, and getting a reduced late-payment penalty rate. You also have various options for charging your balance on a credit card, either as part of an electronic return or by a phone call to a processing agent. Official Payments Corp. can be reached at (800) 272-9829, or visit www.officialpayments.com. The Link2Gov Corp. can be reached at (888) 729-1040, or visit www.pay1040.com.

• If the clock runs out, you can get an automatic extension to Aug. 15. An extension does not give you an extension of time to pay if you owe taxes, however. You will owe interest on any amount not paid by April 15, plus a late-payment penalty if you have not paid at least 90 percent of your total tax by that date.

Some Income Not Subject to Taxes

Most of the income you receive is taxable. But according to the Internal Revenue Service, some types of income are only partially taxed or not taxed at all:

• Qualifying adoption expenses.

• Child-support payments.

• Gifts, bequests and inheritances.

• Workers' compensation benefits.

• Meals and lodging for the convenience of your employer.

• Compensatory damages awarded for injury or sickness.

• Welfare benefits.

• Cash rebates from a dealer or manufacturer.

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