The Internal Revenue Service announced today that it is providing taxpayers an additional day to file and pay their federal taxes following system issues that surfaced early on the April 17 tax deadline. Taxpayers will now have until midnight on Wednesday, April 18 to file their taxes. Taxpayers do not need to do anything to receive this extra time.
TurboTax will be available and accepting e-files in line with the extended tax deadline on April 18. Taxpayers should continue to file their taxes like they normally do this Tuesday evening. For those that prepared and filed their taxes with TurboTax earlier today during the IRS system issues, TurboTax is now submitting those returns to the IRS and is currently processing newly filed returns as normal.
If you still need to file your taxes here are some last minute tax tips to get you through the tax deadline.
Last Minute Tax Tips
Get the right forms. When you sit down to file your taxes, make sure you have all the necessary documents in front of you — especially forms that report income, like W-2s, 1099 — but also be sure you have receipts for expenses, mortgage interest, and your kids’ social security numbers. You must report all your sources of income to the IRS on your tax return, even if you didn’t receive a 1099-MISC form for work you performed in 2017.
Don’t forget what you did last year: The IRS reports that the majority of taxpayers – about 75 percent – take the easy way out and take the standard deduction, but including a few additional receipts may push you over the standard deduction, further lowering your tax liability.
- Don’t forget about the money you shelled out for expenses like previous state tax liability paid, job search expenses, summer day camp—even the cost of moving a pet may save you money on taxes.
- Remember to include charitable contributions made throughout the year (i.e. donated clothing, household goods and even mileage to and from charitable events). TurboTax ItsDeductible will help you track and accurately value your donated items.
- When you file with TurboTax, you will be asked simple questions about your life and TurboTax will give you the tax deductions and credits you are eligible for based on your entries.
E-file with direct deposit. If you expect to receive a tax refund this year, choosing e-file with direct deposit is a way to ensure that you get your money in your pocket sooner.
If you owe taxes, still file. Remember that getting an extension only extends the time to file your taxes. If you owe, you are still required to pay what you owe. Even if you owe money, you can ask the IRS for an installment agreement when you file your taxes. The installment agreement will allow you to pay your tax debt over six years. Plus, you may have a tax refund coming once you identify the tax deductions and credits you may be eligible for.
If you’re self-employed, don’t forget estimated tax payments and potential tax deductions. Keep a record of all your estimated tax payments because you’ll need to enter estimated taxes when you file your taxes. If you’re working in the on-demand economy or as a freelancer, you’re allowed to take advantage of business expense deductions that you would not be eligible for as a W-2 employee, such as start-up costs, computers, vehicle expenses and more.
If you need help, know you’re not alone. If you have a tax question while you are doing your taxes with TurboTax Live, you can connect live via one-way video to a TurboTax Live CPA or Enrolled Agent to get your tax questions answered. A TurboTax Live CPA or Enrolled Agent can even review, sign and file your return when you use TurboTax Live — all from the comfort of your couch. At this point, if you take your taxes to someone you most likely will have to wait in line to get your taxes filed. By going online to prepare your taxes, you can save time and money and can still talk to a CPA or Enrolled Agent if you need to.