Last Minute Tax Filing Tips

February 8, 2018

Taxes are a major source of stress for americans every year. That stress is compounded when waiting until the very last minute to file your taxes. If you’ve ever waited until the last minute to file taxes there are some things you can still do to help make the process easier and less stressful. Let’s look at some simple last minute tax filing tips that can make your life easier this spring!

When do Taxes Need to be Filed By?

Each year taxes need to be filed by April 15th in order to be considered on time. In 2018, however, taxes need to be filed by April 17th, because the 15th is on a Sunday and the 16th is a federal holiday. In order for taxes to be considered on time they must be electronically submitted by the 17th, or postmarked the 17th.

Tips for Filing Faster

Filing your taxes doesn’t have to be overly complicated, as long as you follow a few key tips. Keeping your documents organized throughout the year is one of the best things you can do to simplify your tax prep. Keeping your tax documents such as 1099s, W2s, and expense records in one central place can help you feel less stressed, and can make your filing easier, even if it is at the last minute.

In addition to staying organized, utilizing an online filing tool can help you estimate what you may owe or receive, giving you peace of mind. Online tools, such as TurboTax, also allow you to file your taxes for yourself. If you have a complicated tax situation however, seeking the help of a Mount Dora, FL tax professional is advised. Not only can a professional help you owe as little as possible, they can also greatly decrease the chances of an audit.

Worst Case, Seek an Extension

If all else fails and you simply cannot get your taxes together and file by April 17th, you have the ability to file for an extension. To file an extension you will have to fill out a form and submit it no later than midnight on the 15th of April (the 17th in 2018). This extension is usually automatically granted, so you’ll have some more time to prepare your taxes. One thing to note about extensions is that they do not extend the time you have to pay the taxes you owe. If you estimate you will owe X dollars, you’ll still need to pay the government what it is owed at the time you file for an extension.

Taxes can be complicated and stress inducing. By working with a tax accountant you can greatly reduce your stress while saving as much money as possible. Don’t wait until the last minute, contact Relate CPA to speak with one of our Mount Dora, FL tax accountants today!