This year, Tax Day is Tuesday, April 18, 2023. Are you scrambling to get your federal taxes done before the deadline hits? Don't panic!
Here are some last-minute tips to help you get them done in time:
- Gather all the documents you need. Make sure you have all the necessary paperwork such as W-2 forms, 1099s, and other financial statements. This will help make filing taxes easier and more efficient.
- Double-check your tax return. It sounds like an obvious tip, but it’s always a good idea to double-check your tax return before you submit it. This will help ensure that you’ve filled out everything correctly and that you’re not missing any important deductions or credits.
- Use online filing. Filing your taxes online is one of the easiest, most efficient ways to get them done. It’s also the most accurate way to file since the software will check for errors and make sure you’re taking advantage of all the deductions and credits you’re eligible for. Use the IRS free file tool or tax preparation software.
- Know which deduction to take. Itemized deductions are a way to reduce your taxable income by deducting certain expenses that you incurred during the year. Standard deduction is a fixed amount that taxpayers are allowed to deduct from their taxable income, regardless of their actual expenses. The 2022 standard deduction is $12,950 for single filers, $25,900 for joint filers or $19,400 for heads of household.
- Take advantage of extensions. If you’re still not ready to file your taxes by the April deadline, you can take advantage of an extension. This will give you extra time to get everything together and submit your taxes without having to worry about late fees or penalties. Just remember - the extension grants you extra time to file, not extra time to pay.
- Consider professional help. If you’re still feeling overwhelmed or confused, it may be a good idea to hire a professional to help you with your taxes. They can make sure everything is done correctly and give you peace of mind that your taxes are in order. This close to the deadline, the best course of action is to file for an extension and then contact a professional so you don't risk owing penalties.
For more filing tips, check out these posts from our blog:
Last Minute Tax Tips for 2022
Last Minute To-Dos Before Filing Your Taxes
Filing Your Taxes: How Late is Too Late?
Don't blow off filing your return this year and save yourself future problems. Even if you owe back taxes or haven't filed in a while, getting your return in before this year's deadline is a great way to start fixing your tax problem. Top Tax Defenders can help you with the rest.
Filing your taxes last minute can be stressful, but with these tips, you’ll be able to get them done in no time. Good luck!