2014 was supposed to be different for you. Winter is almost over (hopefully), and it looks as though your New Year’s resolution of being on time has gone out of the window. You’re racing towards the April 15 deadline for filing your taxes, and now you just don’t know what to do!
Stop panicking; here are some good tips to get the ball rolling and get you started:
- Go to a Professional. Gather your important paperwork and head to your nearest Liberty Tax®. Your tax preparer will handle the tedious work for you and submit your return on time. They will double check to make sure that numbers are accurate, getting you the highest possible refund or lowest amount owed. Your return can be fully processed in a matter of minutes, which leads me to my next tax tip.
- Opt for direct deposit. Why wait for a check in the mail? This safe and secure option gets your refund into your hands faster so you can use that money for the things that matter most.
- Can’t pay? File anyway. The IRS allows you to make payments towards what you owe and doing this minimizes your penalties. If you have questions, your tax preparer can give you a rundown of your payment options. You can also find more information on the IRS’s website.
- Request an extension, if necessary. Remember, this gives you more time to submit your paperwork, not extra time to pay taxes. Submit Form 4868 to the IRS electronically or through the mail. Once you are approved, the IRS gives you an extra 6 months to submit your paperwork. You can also request an automatic extension by paying a portion or all of your estimated income tax upfront.
- Prepare for next year. Avoid the stress and headache by not waiting until the last minute. Procrastination is not your friend! Instead, prepare ahead of time, keep all your important documents handy, and know what questions you want to ask your tax preparer regarding tax credits and other deductions.
It has been a confusing tax season for us all. Select a filing option that works best for you to avoid unnecessary penalties this year. The deadline is approaching, so act fast and hurry into your neighborhood Liberty Tax®. We’re here ready to help you!
Disclaimer: Every effort has been taken to provide the most accurate and honest analysis of the tax information provided in this blog. Please use your discretion before making any decisions based on the information provided. This blog is not intended to be a substitute for seeking professional tax advice based on your individual needs.