Last Minute Tips for Filing Your Taxes

Tips for Filing Your Taxes

If you’ve waited until the last minute, here’s how to get ready to file your taxes.

According to the Internal Revenue Service, 20 to 25 percent of Americans wait until the last two weeks before the deadline to prepare their tax returns. At such a late date, there are only two things you can do: file pronto or request a tax extension. The deadline for taxes is April 18 for 2016 taxes filed in 2017, so it’s important to get a jump on your taxes while you still can!

Organization is key!

You’ll need to prepare all of your documents before you sit down to file your return. A little organization from the get-go is all you need to avoid that situation. Your system can be as simple as a large envelope or an accordion file. Make sure that you have the following on hand:

  • Form W-2
  • Form 1099-INT, for interest earned, such as from a savings account
  • Form 1098, Mortgage Interest Statement, which shows mortgage interest paid on a loan for your own home
  • Receipts for all purchases and payments, including those for business, healthcare, and education

You’ll also need to have your Social Security number on hand, and if you’re filing jointly, your co- filer’s SSN.

Learn about the changes.

Every year sees new tax changes. Whether you need to correct your health insurance or fill in a new form, always familiarize yourself with tax law changes so that you know what is expected of you. On the IRS website, you’ll find forms, publications, tips, and answers.

Decide how you’ll file.

Give yourself plenty of time to weigh all the options and find the one that best suits your needs. If you think your tax return is too complicated to handle, hire a professional and make your appointment early. If you’re going to do taxes yourself, decide if you’re going to use tax software. If so, purchase it early on.

Avoid last-minute mistakes.

Don’t rush! We all make mistakes when we rush. Always double-check all the Social Security Numbers and math calculations on your return as these are the common errors made by taxpayers.

Now that you’re ready to file before the end of the tax year, take a moment to review your insurance policies. These coverages help to protect your finances, family, and future. Visit Gee Schussler Insurance Agency, serving Orland Park and neighboring cities in Illinois today!