Tax season is here, and it’s time to stop procrastinating. Don’t learn the hard way about not paying your taxes on time. Use these helpful tax tips to figure out how to get through the process in the most efficient way before April 15. While filing your taxes may be an obtuse activity to do in your free time, it is still extremely important.
4 Helpful Tax Tips
1. Organize all Tax Information
You may think you are wasting time by going through all of your documents first, but in reality, it’s necessary. Eventually you’ll need all of this information and once you start filing your taxes, the process will go that much smoother. Once everything is organized, you can start to prepare some of the forms you may need. A few examples of important forms to have prepared are:
- W-2 Forms
- 1099 Forms
- Mortgage interest statements
- Receipts for tax credits or deductions
2. Double Check all Forms
A common mistake that happens to many people rushing to get their taxes done is putting in incorrect information. Mistakes such as wrong social security numbers or account numbers, forgetting to include signatures or e-filing PIN errors can delay your taxes from being processed.
3. Decide if you need help
If the reason you have been procrastinating your taxes for so long is because you don’t know what to do, it’s time to get some help. Having an accountant do your taxes for you, may cost you some, but it’s one of the best tax tips you can receive. An accountant can make sure your taxes are done correctly and efficiently for the deadline.
4. Get an Extension
Finally, if you put off doing your taxes for too long or you have a problem that is forcing you to miss the deadline, file for an extension. If you miss the deadline, you will be charged a penalty. However, getting an approved extension can give you an extra six months to get your taxes done. Filing out an IRS Form 4868 and submitting it by April 15 is how you can file for your extension.
No matter when you finally get around to doing your taxes, the most important thing is that they are finally done on time. Follow these tax tips to help you have a easy process.
If you need help with your taxes, contact Satty, Levine & Ciacco, CPAs, P.C.