Ideally, we would all keep perfect records throughout the year. January 31, our tax documents are in order and we would like to start working on taxes with weeks or months to spare.
In the real world, it does not work that way. We get busy and the next thing we know, we are setting the deadline April 15 filing.
Never fear. You can always make the deadline
Here are 5 tips last minute to beat the April 15 tax filing deadline to :.
Make a list of questions and information you need
By making a list, you are less likely to forget something. If you have a simple return and do not itemize your deductions, the list can include your W-2 forms, declarations of interest income, and some other items.
If you have a small business you sold assets, or you itemize deductions, you will have to collect more information such as receipts, 1099s form and financial statements.
Go through the interview step by step
When you are in a hurry, it is tempting to jump around your tax preparation program and simply enter the information you have on hand. This could be a costly mistake.
Leaving the interview step by step will be your guide, you make sure you get all the deductions and credits to which you are entitled. Otherwise it is too easy to miss valuable tax breaks such as energy credits or child and those credit load.
Consider making a contribution to an IRA or other retirement scheme
You can make IRA and some other contributions for the previous year until the deadline April 15. TaxACT can calculate your maximum allowable contribution retirement plans for you.
Examine your statement
Always read your statement before electronic filing. It is the best way to improve the accuracy of your return after preparation.
avoid having rejected your return and refund delayed double check the spelling of all names, social security numbers and bank account and routing numbers on your return. According to the IRS, these are some of the most common mistakes made on tax returns.
Reading your back also helps you understand your taxes so you can make a better long-term tax planning.
It is OK to file an extension
now you've put a lot of work in this deposit, perhaps you need a receipt. Or you feel you hurry, and want a little more time to review your return. You do not need to explain.
Before filing for an extension, estimate your taxes TaxACT. If you owe taxes, you must pay with your extension April 15 to avoid penalties and interest.
Even if you do nothing more you do now, the easier it will be to complete your return before the deadline October 15 filing extension.
was your tax return easier or more difficult to prepare this year than it was in previous years?
photo credit: bitzcelt via photopin cc
0 Komentar