With Tax Day quickly approaching, you may be rushing to gather your documents and preparing to file your taxes. The good news is that there is still time to timely file your return before the April 15th deadline. Filing taxes can be a complicated process and knowing where to start, especially as the deadline looms closer, can present some challenges. This is why we want to share with you a few last minute tax tips to help guide you through some quick and efficient ways to file your tax return this year.
First, make sure you have all of the information you need readily available. Organization is key to successfully filing taxes at the last minute. Ensure that you have your Social Security card if you do not know the number by heart, income statements such as W-2s and 1099 forms, your Adjusted Gross Income (AGI) listed on your tax return from last year, any health coverage information, and bank account information if you wish for your refund to be direct deposited into your account.
Next, to save time, consider using an online software to prepare your tax return. There are multiple online platforms that will guide you step-by-step through the filing process and offer you the option to have a Certified Public Accountant (CPA) review your return for accuracy. Once you are happy with your tax return, you can electronically send your return directly to the IRS at the click of a button. The IRS will receive your return that same day and will begin processing it.
Finally, we want you to be aware that you have the option to request a filing extension from the IRS if you believe you will not be able to file your return by the April 15th deadline. You can either download the Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return directly from www.irs.gov or use an online software like TurboTax to guide you through the extension process. If you request the extension before midnight on April 15th, the IRS will likely grant you the extension. Remember, however, that the extension is only to file your taxes, not to pay any balance owed.
Planning ahead for your 2019 federal income taxes may help you minimize your tax burden and help you timely file taxes next year. Do not hesitate to share with us your thoughts and questions by contacting our office.