Haven’t filed your taxes yet? It’s okay, you’re not alone. Believe it or not, many people don’t file in early February when tax season starts. In fact, about one-third of taxpayers in the U.S. wait until the last two weeks before the April deadline to file!
But waiting too long can cause headaches. Rushing to meet the deadline increases the risk of errors, which could cost you more in the long run.
With the deadline looming, now is the perfect time to get organized—whether you file yourself or seek professional help. Ignoring your tax prep won’t make it disappear (unfortunately), and filing late will only add interest charges, which could end up costing you hundreds.
Start by Getting Your Tax Paperwork Organized
We get it—paperwork isn’t fun. Tax forms tend to mix with junk mail, old bills, and receipts from last year. But even if the thought makes you groan, organizing your tax documents is the first essential step for smooth tax filing. You’ll feel a weight lift once it’s done, trust us.
Here’s what you’ll likely need for tax filing:
- 📌 W-2 forms
- 📌 1099 forms
- 📌 Mortgage interest statements
- 📌 Receipts for deductions, like charitable donations or medical expenses
- 📌 Health Savings Account (HSA) statements
💡 Pro Tip Create a dedicated folder and collect your tax docs throughout the year. That way, when the next tax season rolls around, you’ll be ready—and you might even file early!
❓ Should You Take the Standard Deduction or Itemize?
Time is ticking, so it’s tempting to take the standard deduction just to get it over with. But before you rush, check if your expenses might exceed the standard deduction. Even though the Tax Cuts and Jobs Act doubled the standard deduction, itemizing could still save you money, especially for state taxes.
Need help figuring out if itemizing is the right move? We’re here to assist you, but don’t wait too long—accountants get busy fast as the deadline approaches.
❓What Happens If You Miss the April 18th Deadline?
If the April 18th filing deadline passes by and you still have not filed, there will definitely be repercussions from your decision, however, the severity depends on if you owe the government or not.
💡 Late-Payment Penalties
Even if you can’t pay your full tax bill, file on time to avoid the steeper “failure-to-file” penalty. It’s the smart, cheaper choice.
💡The Earlier You File, The Less You Pay
If you can’t pay the full amount, contact us ASAP to get your filing done. The sooner you file, the less you’ll end up paying in penalties. Remember, it’s not just about paying—it’s about filing first to minimize your financial hit.
💡Consider Filing for an Extension
If you’re still missing key documents, you can request a six-month extension by filing IRS Form 4868. But don’t forget: an extension only gives you more time to file, not more time to pay.
💡Pay What You Can Now
If covering the entire tax bill is out of reach, pay what you can when you file the extension. Then, work on settling the rest before the IRS comes knocking. If needed, you can set up a payment plan online.
Get Your Taxes Done Right
Feeling overwhelmed by tax filing? We’re here to help! Whether you need assistance with tax prep or an extension, contact us today. We’ll get your taxes squared away in no time, so you can stop stressing and avoid those costly penalties.
Ready to avoid those last-minute tax filing stress headaches? Get in touch with us today. Let’s get your taxes done right—and on time!