Filing your taxes can be stressful. Filing at the last minute can only add to the stress. If you haven’t filed your tax return yet, there’s no need to panic just yet. Here are some tax tips for last-minute filers.
Know Your Facts
The most important fact to keep in mind is the tax deadline. In 2022, the extension deadline is October 17th. Other than the deadline, it’s vital to understand your specific tax situation, especially since it can vary from year to year. New changes like getting married, having a child, starting a business, or purchasing a home can alter your tax situation. Knowing which credits you can claim, or which forms you’re required to submit can help prevent last-minute errors and stress.
Maximize Your Deductions
It’s not uncommon for taxpayers to overpay taxes or receive a smaller refund because they did not take advantage of all the tax deductions they qualify for. It’s important to understand that claiming tax deductions are incentives created by the government to reward certain actions, like investing in real estate or starting a business. Claiming these deductions can lower your tax bill and in turn, increase your refund amount. Be sure to ask your tax preparer about which deductions you may qualify for.
Check for Accuracy
Once you have all the forms completed and ready to be submitted, you should check everything for accuracy. Carefully check your identification numbers like Social Security numbers, mailing addresses, and all figures. If any of these are missing or incorrect, it can cause delays or even reduce your tax refund amount.
All taxpayers can e-file their returns, which the IRS claims is the safest, fastest and easiest way to submit their tax returns. E-filing a complete and accurate return will also mean receiving your refund faster. Most taxpayers who e-file receive their tax refunds within three weeks after their returns are accepted, while paper returns have generally taken more than 6 months to process.
Tax Relief for Last-minute Filers
Sometimes filing last minute is a necessity, but it is best to avoid this scenario whenever possible. Tax rules can change year to year so starting the filing process early is one of the few ways you can make the process run more smoothly. It’s understandable if sometimes this isn’t always possible and extra help is needed, in which case tax relief is available. If you need tax help, give Optima a call at 800-536-0734 for a free consultation with one of our tax professionals.