With taxes due in five (5) days it’s to no surprise a lot of individuals are rushing to get everything in order to submit their taxes.
Let’s Not Stress: Here are some last-minute tax tips that will help you prepare for Tax Day with ease and potentially save you money and stress as well.
You make a big mistake by not filing a refund claim if you believe you won’t get one. Despite your ignorance of the credit and deduction options available to you, tax experts say you are likely eligible for them.
Several recent surveys show that the biggest reason for tax filing delays is believing that the process isn’t as urgent if there are no refunds to receive. In addition, one-third of the respondents complained that the process is too stressful, 20% said they wanted to be sure they filed correctly, and 25% said they were not assured of the accuracy of their forms.
It is the responsibility of the taxpayer to either electronically file or mail their tax returns by midnight on April 18, 2022 to avoid late filing penalties and interest charges on what they owe. Whenever you are unable to file on time for any reason, you should apply for an extension.
Here Are Our “Don’t Forget” Tips When Going to File:
- File taxes on time or make sure to apply for that extension to avoid penalties
- Look and review all your COVID-19 tax breaks that are given and make sure they are claimed
- Make sure you’re reporting all taxable income
- Have bitcoin? Make sure that’s included when filing your taxes
- Did you become unemployed? Make sure you have that information in there as well, you’ll need to claim that
- Check for mistakes- is your name spelled correctly? Address current and correct? Social security number? All the above, make sure everything is gone through again and carefully looked at
- Check all your deductions
- Are you making a IRA contribution? If so, great! This actually can reduce your taxes because they are pre-tax contributions!
- Contributing to your Health Savings Account? Again, great! This also allows a chance at reducing your tax bill
If you have further questions and need more guidance, check out the CA Tax Franchise Board website as they have directions and phone numbers to call when you need extra help or questions answered! CLICK HERE for more information!