4 Last Minute Tax Filing Tips for 2106

The IRS claims that over twenty-five percent of people wait until the last minute to file their taxes. And with April 18 quickly approaching – the last minute is now. However if you are among the twenty-five, have no fear. Here are some last minute tax filing tips that should keep you compliant with the IRS.

Have your documentation ready.

Even if you wait until the last minute you should have all of your tax documentation together in one place. These documents may include a W-2, 1099, 1098 (if you have a mortgage) or any other receipts that you will reference when completing your taxes. Specifically, have all receipts for healthcare and educational expenses and/or donations made during the year. You will also need your social security number and the numbers of anyone family members you are including on your return.

File online.

Although we highly recommend using a certified accountant to prepare your taxes, it’s best to file online. The days of waiting in line to have your tax return posted marked by April 15th are over. It’s now easier than ever to submit your taxes over the internet even if you, as we highly recommend, use a tax preparer.

Don’t rush.

Most errors on a tax return are the result of people rushing to get their tax forms completed on time. However the good news is these are the easiest to fix. If you don’t feel that you have enough time to accurately prepare your taxes on your own, it might be a good idea to consult a professional. Because even the simplest mistakes can delay your return or worse, cost you money.

Request an extension.

If it just doesn’t look like you will be able to get all of your ducks in a row on time, request an extension. Tax extensions are there for the asking. However be advised that requesting an extension does not give you more time to pay taxes owed to the IRS. If you request an extension and owe money, you will start accruing interest from the day they were due in April.

Of course if these last minute tax filing tips didn’t completely solve your problem you can contact one of our certified accounts today!