Due to the hassles of every-day life, American citizens tend to wait until the last minute to file their taxes. According to the IRS, if you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100 percent of the unpaid tax. Here are a few tips that will help you get your taxes in on time:
Go to a Tax Professional to Prepare Your Taxes
Going to tax professionals will not only save you time, but it will often increase your chances of saving money due to their knowledge of possible deductions and credits that you can qualify for. Along with their expertise in saving you money, a tax preparer can also be of great assistance in the event of a possible audit. They can communicate directly to the IRS on your behalf and make the process a lot more stress-free for you.
File your Taxes Online
The capabilities of an online program that calculates your taxes greatly reduces the chances of you making an expensive mistake on your numbers. Furthermore, when you file your taxes online you are creating an electronic record for reference in the future.
Have Paperwork and Documentation Ready
A tax organizer can help you accumulate the necessary forms you need to file your taxes. You can input information so that the program can deduct what forms you will need. Then create a checklist and cross of each item after it is taken care of.
Ask for an Extension
Amidst the panic of filing your taxes at the last second, people tend to make mistakes. Requesting an extension can give you an extra 6 months to help you get your affairs in order in a more timely and precise manner. However, it is important to have an estimate of your final tax bill and make payments so that you don’t begin accumulating interest after the original filing deadline passes.