I
f you missed the April 15th filing deadline and are getting ready to prepare for the October 15th extension cutoff date, you may be feeling quite stressed out. You cannot procrastinate any longer. Nevertheless, there are some useful tips to help you get through this all-too stressful time and maybe even come out on top!
Gather Together Your Necessary Paperwork
Before you even attempt to start your taxes, it is essential that you gather together all of your necessary paperwork. Depending on your unique circumstances, this could include such things as W-2s, 1098s, 1099s, 5498 forms and schedule K1s. Other documents you may need are property taxes, charitable contribution receipts, DMV paperwork and receipts for business expenses.
Verify All Social Security Numbers
After you have gathered together all of your necessary paperwork, take a minute to verify the social security numbers of your spouse and your children if applicable. Even if just so much as one digit is incorrect, it could delay your tax return for several weeks or even months. Thus, double-check any social security numbers you will be using on your return. You may want to double-check your own as well!
File Your Taxes Online
The quickest and easiest way to file your taxes and beat the deadline is online. Why wait in a long line or for an appointment to get your taxes done when you can do them yourself within an hour or less? You can also save a lot of money when you choose to prepare your taxes on your own. Furthermore, if you are getting a refund and choose direct deposit, you may be able to receive your money within just three weeks!
Do Not Forget Your Deductions
Tax deductions are great in that they can lower your taxable income, which will lower your tax liability. Unfortunately, too many people simply claim the standard deduction and overlook any additional deductions. There are many things that can qualify as tax deductions including job search expenses, work/business expenses charitable contributions, summer day camp, IRA contributions and previous state tax liability paid.
Request a Payment Plan
You must always file your taxes, even if you owe money. There are severe fines and penalties for people who do not file. Fortunately, although you cannot request an extension to pay your taxes, you can apply for a payment plan. If you qualify for a payment plan, you may have up to six years to pay your taxes to the IRS.
Preparing for the October 15th tax extension deadline does not have to be stressful, especially if you make use of the tips that are described above. When you adhere to these valuable tips, you will be able to file your taxes quickly and easily allowing you to get on with your life in no time at all.
