5 Tips for Last Minute Taxpayers
You have until April 15, 2024 to file federal income taxes. If you’ve already crossed this off your list...congratulations! And, if you’re in the company of 25% of Americans who wait until the last minute, 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:
- W-2: Wage and Tax Statement
- W-4: Employee Withholding Certificate
- 1040: US Individual Income Tax Return (1040-SR: U.S. Tax Return for Seniors)
- 1099: Miscellaneous Income
- 1098: Mortgage Interest Statement (1098-T: Tuition Statement)
2. File Online
Opting to file a paper tax return can translate to weeks or even months of delays. Regardless of whether you’re expecting a refund, e-filing is the best option for prompt processing.
3. Double-check Deductions
It’s easy to overlook opportunities for tax deductions, especially if you experienced major life transitions such as the purchase of a home or vehicle or the start of a new job. 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.
4. 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.
5. Consider an Extension
If making it before midnight on April 15th is a hurdle, you can request an automatic tax-filing extension. Filing this form gives you until October 15th to submit your tax. 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.
Maximize Your Refund
If you’re anticipating a refund this season, Making the Most of Your Money is a quick and easy onlinecourse that provides tips on how to use it—from establishing an emergency fund to saving up for vacation.
At NE PA, we make it easy for you to set up club accounts to save for vacations and holidays. You can even set up alternate share/savings accounts to save money for things like pet care, car repairs, taxes, and more. Simply log in to your NE PA account, from the main menu select Accounts, and then click “Open a Subshare.” Not a member of NE PA Credit Union, no problem. Join Us!
Source: Our partner, GreenPath Financial Wellness, a trusted national non-profit. Consult a tax advisor for advice specific to your tax situation.
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