Tax Day (April 15th) is quickly approaching! No one enjoys doing taxes, which could explain why so many people leave it to the last possible moment. In order to make sure your returns are filed correctly and submitted on time, here are some quick tips for alleviating stress on Tax Day:
- Decide on a filing system. Whether you’re utilizing paper clips, file cabinets, cloud storage, or some other system, pick a method of organization and stick to it! Staying organized will make Tax Day less daunting and help you save time and money.
- Gather all income statements and documents. Group together any sources of income, which may include W-2, 1098 or 1099 forms as well as paid invoices from the past year.
- Consider using tax filing software. There are a variety of programs available that can offer step-by-step assistance for filing your taxes. TurboTax, H&R Block, and TaxACT offer software that makes filing your taxes quick and easy.
- E-file for a faster refund. On average, the IRS processes electronic returns three to six weeks quicker than those submitted by mail. If you have the option for your refund to be deposited directly into your account, the wait time is even less.
- Don’t be afraid to request an extension. If you can’t finish your return by the April 15th deadline, be sure to file Form 4868 for a six-month extension. Form 4868 can help curtail costly late-filing penalties if you estimate that you may end up owing money to the IRS.
- Ask for help! Many financial institutions, accounting agencies, and outreach programs offer free assistance during tax season. Most people aren’t up-to-date on the nuances of the tax code, so if you feel like you may need some extra help be sure to take advantage of all the resources available. For more Tax Day information and tutorials, visit the IRS webpage or their YouTube channel.