Tax day is nearly a month away - Remember: it's April 18 this year, a few days after the traditional date. While there's still plenty of time to get your taxes filed, you may start feeling the pressure if you don't take care of the tedious task soon. If you're among the many procrastinators, have no fear - here are a few last-minute tax filing tips to ease the stress.
Take care of things sooner than later
Avoid putting the task off until hours before tax day. It's only going to leave you panicked and frustrated. As the Internal Revenue Service stated, rushing to beat the tax day deadline could result in a mistake or your missing out on deserved savings. If you wait until the last day, rush through the process and make an error, you could risk a delay in receiving your tax refund.
Get yourself organized
Once you're ready to get the ball rolling, start by getting organized. Whether you're going to file the taxes on your own or hire a professional, you need to have all of your documents prepared for reference as you fill out the tax form. Besides your Social Security number, you'll need W-2 forms for all employers you worked for in the last tax year, as well as investment income information, business income, Social Security benefits and more. To file safely and precisely, refer to this tax form checklist provided by the IRS.
File on time or file an extension
If you feel as though you're not going to make the deadline, be sure to file for an extension. Don't worry - this won't make you automatically stand out in a sea of tax papers to auditors. As Forbes stated, filing an extension will cover your bases. Plus, auditors will be more attracted to a flawed report that was filed without preparation. Keep in mind, however, that even if you extend your filing deadline, payment of your taxes is still due on April 18 this year.
By filing your taxes electronically, you'll reduce the chance of making errors - the software does the math for you. Plus, if you're expected to get money back, you won't have to worry about waiting for your return in the mail - it can be deposited directly into your bank account.
If you're finding it difficult to file your taxes on own due to lack of experience, consider reaching out to a professional. Hiring a tax preparer can save you the time, potential errors and the headache of filing on your own. Just keep in mind that it'll cost you, and it may be difficult to find a professional who's willing to take on the task this close to Tax Day.
Do you have any questions regarding your tax filing? Would you like to discuss the matter further? If so, please contact me, Jeffrey Pittard, at 201-806-3364.