6 Last Minute Tax Tips to Help You File and Save on Your Taxes
The tax deadline is April 15th! So why are you waiting to prepare your tax return? With the average tax refund of about $2,700 last tax season and the ease and convenience of TurboTax there’s no reason to wait to file.
We’ve laid out 6 last minute tax tips to help you streamline your tax preparation and keep more money in your pocket.
1. Prepare and Organize
Take time and gather all of your necessary paperwork, forms, receipts and checklists.
Even though TurboTax ask you questions to determine if your eligible for tax savings, anything that deals with your income, your donations, your deductions, your receipts – anything at all – will help you save time if it’s collected before you begin preparing your tax return.
If you’re filling out your tax paperwork on your own with paper and pen, make sure you double and triple check all of your financial entries, your income declaration, and your math. One of the great things about tax software like TurboTax is that the math is calculated for you and you don’t need to know tax laws.
2. Correct Spelling, Numbers, and Everything!
You could list out the top twenty errors simply by being reminded about spelling your name correctly, your dependents names, your employers, your social security number, employer’s numbers, addresses…the list goes on and on. TurboTax can help you eliminate some of these errors with the ability to import your W-2 information from your payroll provider and financial institution.
Here’s the key to preparing your taxes- don’t rush, make sure you spell everything correctly, don’t skip anything, and double check your answers.
This also includes correct account numbers, bank routing numbers, and credit card numbers if you request a direct deposit refund or if you owe more and you’re paying with a credit card.
3. Know Your Dependents
Ok, this one seems to be obvious, but it always creeps up on the IRS top ten tax filing mistakes leader board. Its vital to get this information right.
Next to filling in your name and social security number correctly, the government absolutely needs to know if you have any dependents you will claim.
It’s important to know who your dependents are and double check that they qualify as such. It’s important because if your dependents are left off your tax forms, you’re missing out on valuable tax credits and deductions. Also, adding a dependent that someone else is claiming is not allowed. Only one person can claim a dependent.
4. E-file and Direct Deposit
If you want to avoid tax errors and get your tax refund as quickly as possible, ditch the paper and pencil and go online and e-file with direct deposit. You will avoid mathematical errors and the IRS estimates that 9 out of 10 taxpayers will receive their tax refund within 21 days when e-file is combined with direct deposit.
5. Get Help
If you are preparing your taxes in the 11th hour of April 15th and you still have tax questions, you can ask TurboTax tax experts your question while you prepare your taxes, free.
6. One Final Reminder
If you’re signing electronically, make sure to correctly type in last year’s AGI (when you’re prompted).
My guess is that people are so joyful and exuberant as they complete the last section of data on their tax forms that they may forget this information, as they’re jumping through the air in slow motion as the party poppers pop and confetti rains down.
Using TurboTax and these last minute tax tips, will help you easily file your taxes before the tax deadline and save money.