Tax Return Tips for Last-Minute Filers
- 22 Aug 2022
- 3 minutes read
Numerous individuals across the globe file their tax returns by themselves. Although everyone is aware of the last date of filing a tax return, as the government declares it at the beginning of every financial year, many individuals wait until the last minute to file their income tax returns.
This is because most of us are used to procrastinating on tasks. The last-minute hassle may lead to two critical financial issues in crucial financial matters, such as taxes. You always try to prepare the income tax return in advance, which buys you time to revise all the entries and make sure all of them are correct.
The recommended practice is to collect documents regarding all your investments and significant expenditures at least a month before the last day of filing the return. And, if, due to genuine circumstances, you cannot file the return beforehand, you don't need to worry as you have our back.
There are some tips for last-minute tax return filing. These tips can be handy for you and save you from a lot of trouble. Any mistake made in the tax return statement may lead to severe penalties from the government, and you may even have to face legal consequences.
These tips serve as a last-minute saviour checklist and ensure that you don't miss out on anything important or make any e major mistake.
Tables of Contents:
Tax Return Tips for Last-Minute Filers
The deadline for filing the income tax return is approaching quite soon. If you are still not done with your income tax return, here are some pro tips that would assist you in completing your application on time with a high rate of accuracy:
1. File the tax return electronically
Nowadays, the IRS e-file is available to increase the ease of filing for all taxpayers. With the digital update, many individuals are now filing their tax returns by themselves for free. According to the last year's data, approximately 100 million taxpayers opted for the most reliable, quickest and easiest method to submit their individual tax returns — the IRS e-file.
2. Visit the official website
All the Forms, publications, guides and other necessary details on various tax subjects are available on the government's official website. You may even find short tutorials related to the procedure of electronic tax filing.
3. Cross check the identification numbers
You must attentively verify all the identification numbers; generally, the social security number of all the members are listed in the tax return. By members, we mean you, your spouse, dependents and any person listed under claims for the Child and Dependent Care, Credit or Earned Income Tax Credit, and so on.
If you forget to enter the social security number or enter an incorrect or invalid social security number your refund will be delayed.
4. Verify all the figures
If you are filing the income tax return using paper, re-check multiple times that you have entered the correct figures for the refund or balance due.
5. Check the tax tables
When you send an electronic file, the software will check it for you. But, if you are using the free File Fillable Forms or paper forms, please ensure that you are using the figure mentioned in the tax table number for your filing income tax return.
6. Make the payment electronically
The electronic payment option is a convenient and secure tax payment method. You can authorise electronic withdrawals or use your credit or debit card to make a hassle-free and quick payment.
7. The form must be duly signed
You must carefully put your signature and the correct date on the tax return statement. Both the partners must put their signatures on the return if they are filing it jointly (it is applicable for cases where only one of the two partners is earning). If you have hired someone to prepare your income tax return, they are supposed to sign it and enter their Preparer Tax Identification Number.
8. Carefully follow all the instructions when you are sending the payment
The individual submitting the payment shall pay the check to the U.S. Treasury Department and must include it on the tax return or Form 1040-V..
It would be best if you did not wait until the last minute to file the income tax return, as it involves a lot of calculations and entries based on your entire investments and returns. The tax return filing does not include only access but also requires proof of various Investments. All this requires patience, and one can only be patient if he has the necessary time.
If you are late in any unavoidable circumstances, you must seek assistance from any financial professional. Otherwise, you must check the income tax return multiple times and follow all the tips mentioned above to avoid any error which may lead to a penalty or legal action.