When it comes to filing taxes, procrastination plagues a large number of Americans every year. In fact, based on data collected by the Internal Revenue Service, up to 25% of tax filers wait until the last two weeks before they even begin preparing their tax documents.
Of course, procrastination isn’t the only reason individuals delay the tax filing process. For those that owe money, waiting to file can help them earn interest on their money before they pay back the government. Whatever your reasons may be for postponing your taxes, we are down to the wire and the deadline is upon us, so we put together a list of tips that may help you get your returns filed and all squared away! Check out our list below!
1. Write a list
Yes, this may seem arbitrary, but trust us; when a deadline is approaching many find themselves feeling stressed and anxious which usually leads to worrying about what they need to do instead of actually doing it.
A list of documents needed and tasks you need to complete will keep you organized and on track to get everything done on time!
2. Don’t make hasty sacrifices due to time
Itemized deductions could help you save more than the standard deduction. Take time and compare your total deduction amount and make a decision based on what fits your situation.
3. File online
There are awesome tax filing services that streamline the process and make filing easier than ever, and for many Americans, depending on their income levels, it’s free! For those with more complicated financial situations, this may not be the best path, but many individuals have had great success with e-filing services.
4. File an Extension
When it comes down to it and you realize you aren’t able to file by the deadline date (April 17th), the next step is to file an extension. Head over to irs.gov to find the IRS free file application and apply for the 6 month extension. Filing after the deadline without an extension could put you at risk of receiving a late filing penalty.
5. Start tracking your docs
If you haven’t before, a proven way to eliminate tax stress is by keeping track of your records throughout the year. Start now so that you can have a happy, stress free filing year for your 2018 returns!