Filing Last Minute? 7 Tips for a Smooth Tax Day!
Welcome to April, the busiest month of my year! The tax deadline is on Monday, April 18 2022, which means my phone is ringing off the hook right now with calls from people hoping to resolve their back taxes and get back into the IRS’s good books.
Fortunately, I have a great team by my side, and we’re able to help everyone who needs us. I’ve even found the time to put together a list of tips that will help you file your taxes correctly if you’ve waited until the last minute, which many people do. Here are seven ways to ensure you cross the tax finish line (either this month or in October — read on to learn more about that) as efficiently as possible.
- Take advantage of IRS e-file. This option is quick, easy, and available to all taxpayers. Those under certain income thresholds (such as $73,000 for individual filers) can also file for free using this option. It’s also secure, so you know your tax information won’t end up in the wrong hands.
- Make sure everything is correct — and check again! Last-minute filers often feel rushed, and when you feel rushed, you’re more likely to miss something or make a mistake. It’s okay to take a break and take a few breaths. Take a few minutes to read your return line by line so you can be sure you didn’t miss anything.
- Sign only when certain! After you’ve checked (and re-checked) every piece of information and number on your return, only then should you sign and date. Doing this last helps you avoid many common mistakes, such as incorrect or omitted information. If you’re filing jointly, make sure your spouse signs too. Forgetting this step can cause major headaches later on.
- Check the IRS address. This is for filers mailing their return. The IRS has different addresses for various purposes, and there are different locations per state or region. If it isn’t clear where you should be sending your return, you can find the correct address by searching on IRS.gov.
- Pay electronically. If you owe, the quickest and easiest way to pay is via the web. The IRS has the option to pay with a direct withdrawal or via debit or credit card (though these may come with processing fees).
- Request an extension. If you’re really getting down to the wire or you know you simply won’t be able to make the April 18 deadline, you can file for an extension. This gives you six additional months to prepare your tax return. Just keep in mind that if you choose to file for an extension, this only applies to filing the return itself — it does NOT apply to submitting payment. You must still pay any taxes due to the IRS by the April 18 deadline.
- Don’t pay more than you owe. I put this tip last, but it’s definitely not least! If you expect to owe this year, the last thing you want to do is overpay the IRS, especially if you are already dealing with back taxes. To make sure you only pay what you owe and nothing more, download a free copy of my book, “The Tax Relief Booklet: 5 Ways to Pay Less to the IRS and Have Them Thank You For It.” You can get yours today at LandmarkTaxGroup.com/book
Happy Filing!