Taxes have been part of our lives for a long but as they are filed only once every year, it’s quite normal for people to forget the deadline. The question is, what should the last minute tax filers in Culver City, CA, do if they forget to prepare the tax returns and the deadline is approaching.
Here is a simple guide for those who are filing the returns at the last minute.
Guide for the Last Minute Tax Filer in Culver City, CA
Know the Deadline: IRS usually extends the deadline from the normal due date i.e. 15 April. You need to check it before diving into the filing process if the IRS has extended the deadline or not as it can affect your filing.
Have all the Necessary Documents Prepared: The most important thing you need to prepare your returns are financial as well as any other supporting documents like payroll, insurance forms, etc. Some of those forms or documents are given below:
Form 1099 for other sources of income (Freelance, dividend or interest)
Form 1095 for health insurance
Any documentary proof of charitable contribution
Forms of mortgage or other loan such as student loan.
File Electronically: The fastest and easiest way to file tax returns is to file electronically. The IRS has made it quite easy over the years to file the tax return if you have little or basic knowledge of filing and tax documents. All you need to know is to have a basic understanding of tax returns and have the documents ready that are mentioned above. Filing electronically saves your time while preparing the returns as well as the time wasted in posting the returns. It is also safe for the environment.
Double Check the Identification Numbers: Missing to wrongly entered identification numbers – most importantly, Social Security Number – can leave you in even more loss than not filing the return at time. The first and foremost harm is that your tax return is not submitted by you as the SSN is of someone else. Secondly, any rebate for tax break you may get may also be affected even after you make corrections as all those things must also be done before certain deadlines.
Check the Amount and Figures: Tax files contain a lot and lot of numbers, amounts and figures, all of which combine together to calculate the amount you need to pay as taxes. If a single one of those figures are put erroneously, you may end up paying more as tax or may find yourself in hot waters once the IRS official finds out the discrepancy in your returns.
Take Breaks: Yes, we know that the last date is approaching or it may as well be the last date when you get the time to prepare returns, but it doesn’t matter how late you are. You must take little breaks during the process and avoid preparing tax returns in one go. Calm yourself intermittently along the way.
Keep the Stress Away: It is true that deadlines put us in a panic situation but stress must be avoided in each and everything related to taxes. If you fail to cope yourself, it is highly likely that you end up messing things up.
So keep yourself calm and prepare the returns carefully as you still have time before it’s too late.
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Zee Maq is a content writer who specializes in writing business and finance content. She has nine years of experience and loves to provide problem-solving content to help people tackle challenges in their everyday lives.