The tax deadline is tomorrow! But don’t worry you still have until 11:59 pm tomorrow night to e-file your taxes.
According to the IRS, as of April 3rd about 2 out of 3 taxpayers already filed their tax returns and I am sure these numbers have risen dramatically as we approach the finish line.
If you are one of the taxpayers who still needs to file your taxes here are 8 last-minute tax tips to help you file by the tax deadline and keep more of your money in your pocket:
Gather and organize your documents. Before sitting down to prepare your taxes, organize your tax forms by category.
Put anything related to income (W-2s, 1099s) together and next receipts for expenses (mortgage interest 1098, property taxes, DMV documents, charitable contribution receipts, and business expenses to name a few). This way you will have everything ready and won’t leave anything out.
Go online and e-file. According to the IRS, self-prepared e-filed tax returns from home computers are up almost 5% compared to last tax season. TurboTax makes it easy to e-file your taxes online in the convenience of your own home. The TurboTax Mobile App even allows you to start filing your taxes on one device and move seamlessly across devices so you can do your taxes anywhere. If you take your taxes to someone you most likely will have to wait in a long line or be put on extension at this point. Avoid long lines and the hassle of making an appointment by going online to prepare your return.
E-file with direct deposit. E-file with direct deposit is easy, secure and the fastest way to get your tax refund. 9 out of 10 tax refunds are issued within 21 days or less, compared to six to eight weeks for paper-filed tax returns.
Double-check important information. One of the top mistakes taxpayers make when rushing to meet the tax deadline is gathering incorrect Social Security numbers for their children and spouses.
Make sure you have the correct Social Security numbers when you prepare your taxes. Correct Social Security numbers are required to get valuable tax deductions, credits and exemptions.
Maximize your deductions. Even if you wait until the last minute, don’t forget about the money you shelled out for expenses. Taxpayers often forget about tax deductions 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). ItsDeductible from TurboTax will help you estimate the fair market value of donated goods and items. When you file with TurboTax, you will be asked simple questions about you and TurboTax will check your tax return to see if you are eligible for over 350 tax deductions and credits.
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, lowering your tax liability.
Make a last-minute tax move. Most money-saving tax moves have to be made by the end of the tax year, but you still have one more opportunity to lower your tax liability on the taxes you’re filing.
Until you file by the April 15 deadline, you can still contribute up to $5,500 ($6,500 if you’re over 50) to your traditional individual retirement account and take advantage of a deduction for your contribution.
This smart tax move may also lower your adjusted gross income helping you get a bigger actual premium tax credit when you file your taxes if you received an advanced premium tax credit when you purchased health insurance in the Marketplace.
File even if you owe. You can get an extra six months to file your taxes with an extension, but remember that a tax extension is an extension to file and not to pay.
If you owe money, you still need to send the IRS at least 90 percent of your tax liability to avoid a tax penalty. If you can’t pay, you may be eligible for an installment payment plan for up to six years.
Get tax help. If you have tax questions, you can get them answered by our TurboTax tax experts who are CPAs and Enrolled Agents when you use TurboTax Online.