If you’ve stumbled upon this, chances are time is of the essence – so, let’s get straight to the point!
Tips For Procrastinators on Tax Day
We get it, Life can get busy, and sometimes tax preparation takes a back seat. Instead of panicking to no avail, here are some practical tips for you:
1. Breathe Easy with an Extension
This is your lifesaver. If you find yourself running out of time, breathe a sigh of relief, because you can buy yourself extra time by filing Form 4868. You get six extra months to gather documents and file, all without the dreaded late-filing penalties. Requesting an extension gives you additional time to file your return without incurring penalties. As the saying goes, “Better late than never” – and with an extension, it’s perfectly acceptable!
2. Prioritize like a Pro
When time is limited, focus on significant deductions that can make a substantial impact. Prioritize mortgage interest, student loan interest, and other high-value deductions. This ensures you make the most of your available time by concentrating on the essentials. Identify deductions that can potentially reduce your taxable income significantly and make them a priority in your last-minute filing efforts.
Prioritize the essentials!
3. Know Your Options
Filing electronically is your fastest friend. It’s quick, secure, and minimizes the risk of errors. If you owe money, consider payment options like installments or direct debit from your bank account. Remember, the sooner you address any potential liabilities, the less headache you’ll have later.
4. Stay Informed
Tax laws change like the weather. Subscribe to financial blogs, follow reliable news sources, or even talk to your friendly neighborhood tax pro —FinServe Pro for instance — to stay in the loop.
5. Seek Professional Help
Procrastinators can benefit from professional assistance. Tax professionals can navigate complex situations efficiently, providing peace of mind.
Navigating Tax Deadlines
1. Know the Key Dates
Mark important tax dates on your calendar to avoid missing deadlines. Knowing when estimated payments are due and when extensions expire helps you stay on top of your tax game.
- April 15th: The original deadline to file your tax return and pay any taxes owed.
- June 15th: The deadline to file if you request an extension.
- October 15th: The deadline for estimated tax payments for the current year.
- January 15th (following year): The deadline to file if you live in Maine or Massachusetts.
2. Set Reminders
Just like you set reminders for birthdays, set them for tax deadlines too!
Alerts, notifications, pop-up messages – whatever it takes to remind yourself of those critical tax dates.
3. Keep a Copy of Your Return
After all is said and done, make sure to keep a copy of your filed return. Having a copy on hand can be helpful for future reference or in case of any discrepancies.
4. This is not the time for DIYs
| DIY | FINSERVE PRO |
| Time-consuming | Time-saving |
| Potential for Errors | Expert guidance & accuracy |
| Risk of missing deductions | Maximizing your savings |
| Stressful | Stress-free |
| Generic advice | Customized solutions |
| Single perspective | Rich network |
Bonus:
Learn from Your Experience: Reflect on what worked well and what could be improved for next year. Use this as an opportunity to stay organized, plan ahead, and avoid last-minute tax-day chaos.
If you’re still reading this, well, you’ve just equipped yourself with a toolbox of last-minute tax tips!
If you’re a last-minute filer, the pressure is on.
Act now to save money on 2023 taxes.
It’s not too late.