BIR Gives Tips For Filing Taxes

ST. CROIX — Bureau of Internal Revenue Director Marvin Pickering, above, through a press release issued on Tuesday, released tips on how residents should successfully file their tax returns. They’re 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 18, 2016 is the filing deadline for the 2015 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. If you have a change in your name due to marriage or divorce, please contact the Social Security Office to update your records. Please ensure that the name on the Social Security card matches the name on the return.

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

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.

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. Checks returned for insufficient funds receive a 2% penalty or $15, whichever is greater. Taxpayers who pay the bureau with two or more dishonored checks will be prohibited from paying with personal checks.

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. Do not include the self-employment tax on the tax return filed with the Bureau.

Taxpayers with questions about filing their income tax returns are asked to contact the Office of the Chief Counsel at (340) 714-9312.