Three Very Simple Last-Minute Tax Tips
The hours are slipping away and you still haven’t filed your taxes. Relax and take a deep breath. Here are are a few quick tips you can employ to make Tax Day (April 15) less stressful.
Organize your documents
Gather any W-2s and 1099s from contract work, as well as all receipts related to charitable contributions, job searches & registration fees from the DMV. Keep them all in specific folder.
Some 125 million Americans will file online in 2014. Engaging an online service or utilizing free software means you won’t we waiting in line at a tax preparer’s office or rushing to the post office April 15.
File for a Six-Month Extension
If you owe money, you will have to pay now. However, you will have six months to file. You are required to send the IRS a minimum of 90 percent of your tax liability to avoid a costly penalty.
Remember: if you can’t pay, you could be eligible for an installment plan. Check with the IRS to know for sure.
Taxes are never fun, but with a little focus, you can successfully file for the deadline tomorrow night.