It’s Tax Day!
If you still haven’t filed, here are some last minute tips:
– At this point, filing electronically is your best option. You don’t even have to use a computer. All of the major tax software and service providers have apps. You can do much of the same thing on the app that you can do online or with a download. E-filing is the safest, fastest, and most convenient way to file.
– If you’re opting for the old-fashioned pen and paper process. Make sure you get to the post office by midnight. If you file late, you’ll be fined 5% of the taxes you owe each month it’s late, and 25% of the due amount.
– Make sure you’re filing under the right status.
– Proofread your tax return
– Check the math
– Make sure your social security number is correct.
– If you need more time, get an extension. The proper form for an extension is a 4868.
However, an extension is not an extension to pay. Make your best guess of how much you owe and pay by the midnight deadline. It’s better to overpay than underpay. Then, make sure you file your taxes before October 15th, even if you don’t know how you’re going to pay.
If you did file in time and you had to pay, check you’re W-4. Make sure you update it right now so the impact can be affected for the rest of the year.
For those of you that are feeling good after this Tax Season, you can invest your return, pay down debt with it, or maybe treat yourself to something nice.