4 Tax Tips For Procrastinators
Time is almost up! Yes, the annual event of paying taxes has arrived. Now is the moment to get your required paperwork and forms submitted, including all your tax deductions so that you can receive your tax refund check. Believe it or not, the Organization for Economic Cooperation and Development (OECD) reports that the citizens of the United States are one of the least taxed populaces in the world.
This year, procrastinators can rejoice since there are three extra days to finish your taxes. This year's filing deadline is April 18th.
If you are one of those who delays the inevitable and continues to procrastinate on filing your tax returns, here are some last-minute tips:
1. Get more time: File for an extension on time to avoid a failure-to-file penalty. But, if you owe money, you still are required to send payment.
You can apply for an automatic extension, which gives you until October 15th to file your return. But that doesn't mean you can also delay paying your taxes if you owe the IRS, which is a fact that shocks many filers. An extension of time to file is not an extension of time to pay.
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2. File electronically: E-filing originated in 1996 and is now the quickest way to rapidly have your return processed and get your tax refund. Otherwise, free forms, which need to be mailed in, are available online. In 2013, it was estimated that the average tax refund was $2,953.
By going online you can file conveniently from your own home with approved tax preparation software. You don’t want to wait until the last minute, but you can file online up until 11:59 p.m. on the April 18th deadline.
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3. Location: You should be really (really) careful about filing in a public place. You might be tempted to run down to your local coffee shop and set up all your papers and receipts. Not a good idea.
Don't attempt to figure your tax deductions at the airport or stay late at the office to file. Cyber villains are lurking in these public spaces. Security experts say you should file from home and avoid the temptation to use your work computer because there could be a network administrator who's electronically looking over your shoulder.
4. Double-check important information: If you are filing at the last minute by snail mail, be sure you include (and double check) your social security number, mail the information to the correct address and put a stamp on the envelope. Seems simple, but you would be surprised at how many individuals make these mistakes when preparing their taxes.
The old adage “haste makes waste,” best describes the fate of last-minute taxpayers. Procrastinators end up in a mad dash to meet the IRS deadline, make filing flubs that frequently omit valuable tax deductions.
There are literally thousands of tax deductions, credits and benefits available, but you need to know where to look to claim them. A new job, purchasing a new home, having a baby and many other life events can lead to favorable tax deductions which can add up to more dollars on a tax refund.
To sum it up…
Paying your taxes is serious business. Being a citizen means you have to pay your taxes every year. Using professional software such as TurboTax allows you to find every tax deduction and credit you qualify for, and with TurboTax coupons from PromoCodesForYou.com you’ll save big and get the biggest tax refund possible. Time to stop procrastinating!