IRB Offers Tips For Filing Taxes

Marvin Pickering, director-designee of the Virgin Islands Internal Revenue Bureau, has made available tips for the territory’s residents when filing taxes, the due date of which is April 15.

Some of Pickering’s tips include remembering to file on time, double-checking paperwork to verify that social security numbers are provided for the taxpayer, spouse and dependents, among others guidelines.

See the full list below:

1. File all tax returns by the due date. Filing a return by the due date will prevent imposition of the failure to file penalty on any balance owed. April 15, 2015 is the filing deadline for the 2014 individual income tax returns.

2. Include current mailing address. Include your mailing address, not your physical address, on the income tax return.

3. Make sure that social security numbers are provided for the taxpayer, spouse, and all dependents. An incorrect or missing social security number will delay the processing time of the refund and may increase the tax due or reduce the refund. If you have a change in your name due to marriage or divorce, please contact the Social Security Office to update your records.

4. Attach Copy B of Form W-2VI to the tax return. Also attach a copy of any Form 1099 that shows tax withheld.

5. Make sure all schedules and related forms are securely stapled to the return. Tax returns that do not have the appropriate forms attached delay the processing of the return. If applicable attach Schedule EITC (Earned Income Credit) and Schedule 2 or Form 2441 (Child and Dependent care expenses).

6. Sign all tax returns. A return that is not signed is not a valid return for tax purposes. All income tax, withholding, gross receipts and other tax returns must be signed by the taxpayer and spouse, if applicable, or an appropriate officer of the company.

7. All checks in payment of income or local taxes must be made payable to the Bureau of Internal Revenue. To ensure that the payment is properly posted, all payments should be accompanied by the proper tax return or a document describing the type of tax being paid, the period to which the payment relates and the taxpayer’s Social Security number or Employer Identification number. Taxpayers are reminded to ensure that there are sufficient funds in their account. The Bureau is enforcing its bad check penalty, and taxpayers who pay the Bureau with two or more dishonored checks will be prohibited from paying with personal checks. The bad check penalty is 2% of the tax owed or $15, whichever is greater.

8. File Form 1040SS with the IRS. Self-employment tax returns (Form 1040SS) should be filed with the Internal Revenue Service. Virgin Islands self-employed taxpayers should not use the Form 1040 SE to satisfy their self-employment taxes with the IRS.

9. Saturday Taxpayer Assistance Program continues on St. Thomas and St. Croix. Assistance is available from 9 a.m. to 1 p.m. for taxpayers who have simple tax returns. Please walk with W-2s and 1099s, as well as copies of your social security cards to expedite the process.

10. Extended office hours for tax week. On Tues., April 14, the Bureau’s Red Hook office and the St. Croix office will be opened from 7 a.m. until 7 p.m. On Wed., April 15, 2015, working hours will be extended from 7 a.m.until 9 p.m. at the St. Thomas locations at Nisky and Red Hook, and at the St. Croix office.

Taxpayers with questions about filing income tax returns should contact Tamarah Parson-Smalls, chief counsel at (340) 714-9312.