Last Minute Tax Day – Pronto taxx Filing Tips
- File digitally. Save time, money and stress by filing online on Tax Day. The IRS recommends it and points out that electronic tax return submissions actually have fewer errors, Last Minute Tax Day Tips – Pronto Taxx, so you’re filing a more accurate return, too. You’ll get your tax refunds faster, too.
- If you owe money but don’t have it, ask for a payment plan. Uncle Sam has become much more flexible about paying taxes. So, if you owe on your tax returns and can’t afford the total amount, ask for an installment agreement using Tax Form 9465 (or, ask a tax specialist for help.) Chances are very good you’ll get the agreement and take some anxiety out of having to pay a higher tax bill.
- Ask for an extension. If you’re unable to file your tax returns, for whatever reason, it’s perfectly acceptable to file for an extension, which gives you until Oct. 15 to file your taxes. You’ll still have to pay any money you owe (Last Minute Tax Day Tips – Pronto Taxx) but you’ll have extra time to get your taxes right. Use IRS Tax Form 4868 to get an extension.
- Make an IRA contribution. Tax filers can easily make an IRA contribution right up to the IRS tax filing deadline. The amount contributed might reduce your taxable income (depending on which type of IRA you choose and how much money you make). For 2018, the maximum IRA contribution is $5,500, with a $1,000 “catch-up” amount for Americans over the age of 50.
- Check your return before filing. Always review your tax returns before filing. Ideally, have a tax professional look at your return for you. Some extra review time now can save you major headaches later on.
We put together some tax hacks and tips to help you get the job done:
Check (and recheck) to make sure you have all the documentation you need. Last Minute Tax Day Tips – Pronto Taxx
One of the first steps to filing a tax return is having the appropriate forms. Be sure to have the proper paperwork, whether it’s a W-2 or 1099, if you are determined to file before the deadline. And remember to keep copies of your tax return information and documentation.
File an extension if you know you won’t be able to meet the deadline.
If you’re running low on time and are worried about making costly tax mistakes, consider filing for an extension. This will give you up to six more months, but you’ll still need to pay any taxes owed by April 15. Find IRS Form 4868, “Application for Automatic Extension of Time to File U.S. Individual Tax Return” on the IRS website and submit it before the filing deadline.