While the thought of doing your taxes may be intimidating, there’s no reason to procrastinate. What are you waiting for? Online self-preparation tax software, like ezTaxReturn, makes doing your taxes fast and ez. You don’t need to know math, and you certainly don’t need to be a tax expert. Not missing the IRS deadline and avoiding IRS penalties are just two of the reasons to file your taxes right now. Here are some last-minute tax tips for procrastinators to make doing your taxes a little ez-ier.
Use a tax checklist to make sure you have everything you need
Being organized speeds up the filing process and makes it easier to claim the tax breaks you deserve. We recommend keeping a folder of receipts, online statements, mileage logs and any other records that support your deductions, so you’re ready to go at tax time. Most people received their W-2 and 1099s at the end of January but if yours is still missing, you should contact your employer or the issuer for a copy. Keep in mind, you’re expected to file on time no matter what. Get organized and conquer your taxes like a pro, our “Tax Prep Checklist” tells you everything you will need to file.
File your own taxes using tax software
E-filing (filing electronically) is the quickest and safest way to get your return to the IRS. Using an online tax software makes life a lot simpler because they guide you step-by-step and crunch the numbers for you. As long as you provide accurate information, you’ll get accurate results. Plus, you can file anytime, anywhere, no appointment needed. There are plenty of tax preparation programs on the market, but ezTaxReturn is the fastest and ez-iest. File your federal and state returns in under 30 minutes! See how doing it yourself works.
Get every tax credit and deduction you deserve
Don’t leave money on the table! ezTaxReturn helps you find the best tax credits and deductions for your tax situation, so you get your biggest possible refund or lower the amount of taxes you owe. Here are some tax breaks that can save you money.
- Child Tax Credit – Families can get up to $2,000 for each qualifying child under the age of 17.
- American Opportunity Tax Credit (AOTC) – College students or their parents can get a credit of up to $2,500 for tuition, fees and course materials paid during the first four years of college.
- Earned Income Tax Credit (EITC) – Low-income workers can get a credit ranging from $560 to $6,935 depending on your adjusted gross income (AGI), filing status and if you have dependents.
Double-check your entries before e-filing
Feeling the heat? You’re more likely to make mistakes when you’re racing against the clock. Even if you’re starting to feel the pressure, take a minute to double-check your entries before e-filing. Make sure you’ve entered the correct personal information for you, your spouse and dependents. If the information doesn’t match what IRS has on file, your return will be rejected, and you’ll need to spend even more time on your return. Even worse, you may miss the tax filing deadline and face additional penalties.
Educate yourself about the consequences of missing the deadline
For every action there is a reaction. If there’s a strong possibility of missing the tax deadline, we suggest you educate yourself about the potential consequences. If the IRS owes you a refund, congrats! You won’t be penalized but you do need to hurry up and file so you can get your money. Those who owe the IRS won’t get off so easy. The penalty for failing to file on time starts at 5% of your unpaid taxes, up to the maximum of 25%. After 60 days, the minimum payment becomes $450 or 100% of your unpaid taxes. Whichever amount is less.
The penalty for being unable to pay your full tax bill is a lot less expensive. The penalty starts at 0.5% of your unpaid taxes but can climb up to 25% if you really drag your feet on paying the IRS their money. Along with the penalties, you’ll also pay interest for every day your payment is late.
Set up a payment plan
Having a hard time paying your tax bill? You still need to file your tax return on time and pay what you can afford to minimize the penalties. The IRS is even willing to work with you. Taxpayers who owe and don’t have the money can setup a payment plan (installment agreement) with the IRS. This will allow you to pay within a certain period of time. You can learn about IRS payment plans here.
