5 Tips for Last Minute Taxpayers
Taxpayers rejoice! You have until April 18, 2023 to file federal income taxes. Most states are following suit, however, you can consult your state’s tax page to verify. 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:
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. For those wanting to steer clear of online software fees, the IRS offers free filing which nearly 100 million Americans opted for last year. (Note that some IRS Free File providers do charge a fee for state tax preparation.) 3. Double-check Deductions It’s easy to overlook opportunities for tax deductions, especially if you experienced major life transitions in 2022 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. (Roth IRA contributions won’t trim your tax bill but does allow you to max out the limits for retirement saving.) 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. Minor errors can result in a rejected return and/or a delayed refund. 5. Consider an Extension |
Maximize Your Refund If you’re anticipating a refund this season, Making the Most of Your Money is a quick and easy online course that provides tips on how to spend it—from establishing an emergency fund to saving up for vacation. This article is shared by our partners at GreenPath Financial Wellness, a trusted national non-profit. |