Hey, folks! If you’re like me, you probably need more time to prepare your tax returns. There was no shame in that! Life can be hectic, and we may require extra six-month period for harvesting money, but now since October 15th is looming, time to buckle up. Thus, here are some important reminders for smooth sailing when filing a tax extension.
File by the Deadline
While we’re all about preparing for tax season and taxes, remember that tax season isn’t just around the corner but it’s here already and so on October 15th you need to note that down as your due date. If you got an extension approved, then make sure that this advice does not miss your ears: failure to file would give rise to penalties plus interest which could be disheartening. So, note it down on your phone, stick it on the fridge or write it somewhere else!
Gather All Your Documents
Before you start submitting anything, make sure your documents are in place and looking good. These include W-2s, 1099s, deductions, and other required documentation. If you don’t have one, ask your employer or bank immediately. I am telling you it is no fun to look for documents at the last minute.
Use IRS Free File
Did you know that there are taxpayers who are eligible to use the IRS Free File to fulfill their tax preparation obligations? If you want something simple without breaking the bank, there is no better option. Additionally, anyone should be able to understand how to go through it as it does not require any special skills in taxation. If this is your first time, we advise you to consider making use of this service.
Direct Deposit for Faster Refunds
If you’re expecting a refund, opt for direct deposit. It’s the fastest way to get your money. Just make sure your bank account information is accurate to avoid any delays. I remember one year I accidentally entered the wrong account number and had to wait weeks for a paper check. Lesson learned!
Payment Options
If you owe taxes, don’t panic. The IRS offers several payment methods, including installment plans. It’s best not to bail out at all and deliver what you can. Ignoring the problem will not make it go away, and the penalties can quickly add up.
Double-Check Everything
Verify all your details before submitting your tax return. Ensure that your Social Security number as well as the particulars of your bank account are correct, and that other personal information is also accurate. A tiny mistake can result in major problems later on.
Personal Story: My Extension Filing Experience
Allow me to share some of my own experience. In the past, I’ve been overwhelmed by work and personal commitments, and I knew I wouldn’t make it on the last day of April. I had to ask for an extension on that. I believed I had enough time; however, October came faster than I anticipated. I found myself in a panic mode during the weekend going through my receipts and papers. It was quite stressful, but at least I managed to file within the set timeline. So, what is the main point? Don’t procrastinate until something is due tomorrow; instead, start your project early enough and give yourself ample time to revise it all.
Final Thoughts
Although applying for an extension can help you avoid a costly mistake, it is essential to keep track of the current happenings and adhere to the new deadline. If you follow these steps and pay attention to these tips, you will successfully submit your extended return. All the best, and I hope you file your taxes as smoothly as possible!