On average, it takes us each 36 work days every year at your job or business to earn enough money to pay our taxes. That statistic amazes me. But what can compound this shocking stat is if you end up paying more taxes than you should because you don’t take enough time to properly prepare your return.
A stressful, mad dash to file your taxes before the deadline can lead to errors and missed tax credits or deductions. Let’s go over some last minute tax tips to help you file [correctly] before the tax deadline.
- Be sure to know the exact tax deadline. The last day to file taxes this year is April 15, 2014. You have until 11:59:59 pm local time to file your taxes online.
- Go online so you can quickly and easily file your tax return. Most professionals I know would likely extend the filing of your tax return at this point. So, it’s a good idea to e-file online if you want to file by the tax deadline. You can easily and accurately file your taxes and save money by doing your taxes yourself.
The quicker you go online, the closer you will be to a tax refund.
- Do a quick review of the commonly overlooked tax deductions. It doesn’t take long to review this list and discover something you may be forgetting.
- Make sure you double check your information. Gather the correct social security numbers and addresses, banking information, W-2 information, home mortgage interest, to name a few. Any mistake can result in delays or missed opportunity.
- Make a smart last minute tax move. Did you know that you can still make last year’s contribution to an IRA?
Yep. With your Traditional IRA, you are able to make a previous year contribution up until the date you file and deduct your contribution on your taxes you are filing this year if eligible.
Finally, here’s some going away tips to ease some of the stress you might be feeling.
First, remember that an extension to file your taxes is not an extension to pay so you should still file by the tax deadline. The IRS has created the Fresh Start Initiative to help you if you can’t pay any taxes owed.
Second, be sure to keep your list of items needed to file this year’s tax return stashed for next year as well.
This will be a great reference when it comes time to file next year.
Using these tips and TurboTax will make it easy for you to file before the tax deadline. TurboTax will ask simple questions about you and help you easily and accurately prepare your taxes. You don’t need to know anything about the tax laws.