Tax season is coming to an end… how prepared are you?
If you’re still waiting until the last minute or have confusing tax situations keeping you from filing, here are ten things that could help you submit on time and confidently.
1. Remember to File on Time
No judgment for procrastination, but everyone should seriously file their taxes promptly and on time.
If you’re concerned you can’t pay the bill, you can always set up a payment plan with the IRS, so you should still file.
Missing deadlines could mean shelling out to cover expensive penalties.
2. You Can Still Hire Some Help
You’ll probably be joining many other people who want to do some last-minute tax prep with an accountant, so you might have a hard time getting an appointment.
That said, it’s definitely still an option and can make your life significantly easier.
3. You Can’t Claim Your Refund Forever
Refunds are forfeited after three years.
Those of you hearing alarm bells should probably investigate quickly to see if you’re leaving money on the table. If there is a chance you are receiving a refund, then file NOW!
4. Not All Income Is Taxable
Life insurance proceeds, inherited money, and monetary gifts up to $15,000 are all non-taxable. Hopefully, that has someone breathing a sigh of relief! Always double-check with a tax professional if you have questions.
5. You Don’t Have To Itemize Everything To Take Advantage of Deductions
While it’s true that you do have to itemize if you want to enjoy most deductions, there are a few notable exceptions.
Things like student loan interest, alimony, and IRA contributions all count.
6. Extensions Are Always an Option
You can file for an extension to pay your taxes, but remember that they’re not the same thing.
And remember, if you can’t pay, you can still file anyway. It would be best to plan to pay at least some amount to avoid penalties.
7. Things Can Get Grim if You Don’t Pay
Just to belabor the point, the government can go to some pretty big lengths if you fail to pay your taxes on time.
They can do everything from levy your bank account to revoke your passport if you don’t pay your taxes.
8. Open Your Mail From the IRS
Any time you get official mail from the IRS, it’s probably essential, or at least pertinent, to filing your taxes.
Ignoring snail mail from the IRS could delay you from getting your refund or complicate your filing if they’re sending something to clarify information.
9. Make Sure You Have Everything You Need
Filing your taxes won’t do you much good if you don’t have essential documents. Organize everything before you sit down so you aren’t frustrated later rummaging through file folders and old emails.
This is especially important for those who have unique tax situations.
Don’t let tax season sneak up on you unprepared. With this organizer, you’ll have everything you need at your fingertips—so you can file with confidence and peace of mind. Make Tax Time Effortless—Get Your Tax Documents Organizer Today!
10. Not Everyone Has to File a Federal Income Tax Return
If you usually file federal tax returns, this probably doesn’t apply to you.
However, not everyone has to file, and several factors could determine whether you do. Some examples of things that could affect your need to file include your age or filing status.
