I was checking in on Facebook and among all the updates of my family and friends, I saw one that caught my eye – one of my buddies was just starting on her taxes.
She’s not a procrastinator, she’s simply a busy mom who looked at the calender and realized it’s time to get her taxes filed before it got too close to April 15th.
Because as much as people feel stressed about doing their taxes, they feel even more so the closer it gets to the tax deadline.
If you’re in a similar boat as my friend, I want to give you a few tax tips on getting your taxes done.
Electronic Filing Is Your Friend
Filing a paper tax return can be a huge hassle. Not only can the forms seem complicated, if you have to keep track of dozens of documents and your return, there is a higher chance of you losing something.
E-filing can be a wonderful way for you to complete and submit your taxes.
By e-filing, you will have a quicker response time from the IRS (you usually know in 48 hours whether or not your taxes have been accepted) than sending your taxes through the mail.
That means you don’t have to stress over the long wait between you mailing out your tax return and hearing back.
If you’re expecting a tax refund, e-filing with direct deposit is the quickest way to get your tax refund.
For some qualifying tax filers there may be an even better filing option – free filing.
That’s right, if you meet the eligibility requirements, you can file your federal taxes for free with TurboTax.
File Your Taxes, Pay Later
If you expect to owe the government this year, don’t wait until the last minute to file your taxes.
Did you know that you can submit your taxes now and set up for a withdrawal later?
According to the IRS, you can set up an automatic payment from your bank account or a credit card by April 15.
That can be a relief as you can take care of your filing now and save up for your payment when it is due. You may also be eligible for an installment payment plan.
I have some tips on how you can save money on your budget, so you can pay your bill without breaking the bank.
Make Next Year’s Taxes Easier on Yourself
Now that you’ve completed and submitted your taxes, you can give yourself a huge leg up on next year by making some small changes now.
- Have a folder with your important documents set up. As you get your documents, put them in a safe spot, so you can easily grab them when you need them.
- Adjust your withholdings for the rest of the year. Did you owe a lot of money this year? Talk with your Human Resource Department to make sure you are having the proper amount withheld. It can alleviate some of the pressure the next time you have to file taxes.
- Utilize tax credits and deductions. Tax software, like TurboTax, can help you plan ahead for the next year so you can make sure you take advantage of every tax credit and deduction you qualify for.
Thoughts on Electronic Filing
I hope this helps you have a less stressful time when filing your taxes. How many of you submit your taxes electronically?