Five Tips For Last-Minute Tax Filers
With Tax Day looming, you may be among the 25% of Americans waiting until the last minute to file their taxes. Filing taxes can be stressful, and the deadline can sneak up on you quickly. Don’t stress, though; there’s still time! These tips will help you get organized and file correctly and efficiently without missing the April 15th deadline.
1. Get Organized
Save yourself time by gathering everything you need before you start. Some key documents and details to have on hand include:
• Last year’s tax return for reference
• Receipts for deductible expenses, such as medical bills, charitable donations, or business expenses
• Mileage records if you use your vehicle for work, business, or charitable purposes
• Bank and investment statements to report interest, dividends, and capital gains
• Childcare and education expenses that may qualify for tax credits
• Your Social Security number and those of dependents to ensure accurate filing
Having these documents ready will streamline the process and help prevent further last-minute scrambling and frustration.
2. Skip the Paper, File Electronically
Filing your taxes the old-fashioned way—on paper—can slow down processing by weeks or even months. If you want your return handled quickly, e-filing is the way to go. Not only does it speed up the process, but it also reduces the risk of errors since tax software catches common mistakes. Plus, the IRS Free File program provides no-cost options to help you submit your federal return if you’re eligible. (Just be aware that some providers may charge for state tax filings.)
3. Don’t Miss Deductions
Don’t miss out on a dollar by overlooking tax deductions—especially if you experienced a major life event in 2024, such as buying a home, starting a new job, or having a child. Some commonly missed deductions include:
• Health Savings Account (HSA) contributions
• Traditional IRA contributions (Roth IRA contributions won’t lower your tax bill but can still help you maximize retirement savings.)
Reviewing your deductions can help you maximize your refund or lower the amount you owe.
4. Double Check To Avoid Delay
Even minor mistakes can result in a rejected return or delayed refund. Before submitting your taxes, carefully review:
• Your Social Security number and Employer Identification Number (EIN)
• Your income calculations and deductions
• Your signature and date (if mailing a return)
Taking a few extra minutes to double-check can save you from costly mistakes.
5. Consider an Extension
If you’re truly out of time, you can request an automatic tax filing extension. This gives you until October 15th to submit your return. However, keep in mind:
• If you’re expecting a refund, there’s no penalty for filing late.
• If you owe taxes, late payments—even by a day—can result in penalties and interest.
Bonus Tip: Pay at least a portion of what you owe by the April deadline to avoid unnecessary fees.