4 Tips for Last Minute Taxpayers

Are you one of the 25% of Americans who wait until the last minute to file your taxes? Don’t panic. Here are five suggestions for filing in the final hour.

1. Get Organized: Save yourself time by gathering all applicable tax documentation beforehand, including receipts and interest statements. Some common forms include:
a) W-2: Wage and Tax Statement
b) W-4: Employee Withholding Certificate
c) 1040: US Individual Income Tax Return (1040-SR: U.S. Tax Return for Seniors)
d) 1099: Miscellaneous Income
e) 1098: Mortgage Interest Statement (1098-T: Tuition Statement)

2. Double-check Deductions: It’s easy to overlook opportunities for tax deductions, especially if you experienced major life transitions in the past year such as the purchase of a home. Among the most overlooked tax deductions that can help you pocket more money are contributions to a Health Savings Account (HSA) and contributions to a traditional IRA. (Roth IRA contributions won’t trim your tax bill but does allow you to max out the limits for retirement saving.)

3. Avoid Common Errors: Before filing, make sure you’ve reviewed your personal information such as your social security number, employer identification numbers, calculations, and signature/date to ensure that your return doesn’t have any last-minute mistakes. Minor errors can result in a rejected return and/or a delayed refund.

4. Consider an Extension: If making it before midnight on the 15th is a hurdle, you can request an automatic tax-filing extension. Filing this form gives you extra time to submit your tax return. There’s no penalty for filing a late return if you’re receiving a refund, but if you owe tax, late payment by even one day can result in penalties and interest.

This article was provided in partnership with GreenPath