Countdown to Tax Day: Quick tips to help you file on time.

Countdown to Tax Day: Quick tips to help you file on time.

March 28, 2023

Don’t let Tax Day sneak up on you! With the filing deadline just around the corner, now is an important time to make sure all your documents are in order, and all forms have been submitted. If not, we’ve got a few timely tips that can help ensure everything gets completed without any penalties or stressful delays.

File on Time: 

In order for your taxes to be considered “on time” – so you won’t face late penalties or accumulate interest – you must electronically file or mail your documents by April 18th, 2023. 

If you are unable to file on time, be sure to file an extension as soon as you can to avoid late fees. 

Remember To Report Unemployment Benefits: 

Not reporting your unemployment income could spell trouble come tax season. Even small amounts of unreported payments can result in a rejected return by the IRS, so it’s important to include all sources of earned wages in your filing. Don’t let one or two paychecks put you at risk; make sure that every dollar gets reported and accounted for!

Check For Simple Mistakes: 

Whether you are filing your taxes yourself or through an accountant, double-checking all the information you provide on your tax return is an important step before filing. Here is a checklist you can use to look over your tax return one last time before filing: 

  • Did you spell your name correctly?
  • Is your social security number right? 
  • Did you correctly enter your Employers EIN (employer identification number) on your 1099 or W-2 on your return? 
  • Are your calculations correct? 
  • Is your bank information (routing and account number) correct? 
  • Did you sign and date your return if filing by mail?

 

E-File If You Want A Fast Return

If you elect to file a paper tax return, expect months of delay. Your best bet to receive your tax return in a timely manner will be through e-filing. 

Filing your taxes electronically can take you a lot of time and speed up the process of getting your taxes done. The IRS has made it easier than ever to file electronically, and it’s the fastest way to get a refund. Plus, electronic filing is safe and secure!

Need help? You’re in the right place, LMC is here to help you file your taxes on time and maximize your tax filing strategy! Call us today to connect with a trusted Tax specialist!