Last Minute Tax Tips That Will Save Your Behind
Updated: Nov 4, 2021
The end of the year is coming up fast and it's time to start preparing for all that tax-related paperwork. If you're like most people, you procrastinated until this point. That's okay because there are still many things you can do now to minimize your stress in April and save your behind from all of that procrastinating. Here are some last minute tips that will help save your behind when taxes come around again next year!
E-file your taxes online. You don't need to worry about the last-minute deadline. You may easily begin your taxes by taking a photo of your W-2 with your phone or tablet and watching as your information is securely entered into the appropriate tax forms, avoiding data entry. You may start your taxes on your phone, take a break, then finish them on your computer. By preparing your taxes online, you may save time and money while eliminating the need to go anywhere.
E-filing with direct deposit is available. If you are anticipating a tax return, e-filing with direct deposit is the quickest method to get it. When you e-file with direct deposit, the IRS intends to provide nine out of ten tax refunds within 21 days or less of acceptance, compared to what typically takes six to eight weeks for paper-filed tax returns, but can now take longer.
Important information should be double-checked. One of the most common mistakes people make while hurrying to meet the tax deadline is reporting erroneous Social Security numbers for their children and spouses, according to the IRS. When doing your taxes, be sure you have the right Social Security numbers. Correct Social Security numbers are necessary in order to qualify for important tax breaks and credits.
Even if you owe, you must file. If you seek a tax extension and e-file your taxes before the October 15 tax deadline, you will avoid a failure-to-file penalty of 5% per month of the unpaid tax debt. Even if you owe money, you can request an installment plan with the IRS when you submit your taxes. The installment arrangement will allow you to settle your tax obligation over a six-year period.
If You Owe Too Much
If at some point in time, you have found yourself stuck in the predicament in which the IRS claims that you owe them in back taxes, it can be bad news for you. Avoiding the IRS completely might lead to costly consequences. The first step in relieving a tax debt in which is too high, is seeking federal relief programs. Fortunately for many Americans, there's a relief program that consolidates many major relief programs into a one-size-fits-all assistance program; The IRS Fresh Start Program. Our clients are referred to our Fresh Start Program in order to avoid bankruptcy, acquire debt relief, and settle their debts in a quick manner. Let us give you a helping hand today!
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