Connect with us

Finance

Filed Your Taxes Late? How to Avoid the Same Mistake Next Year

Very few people actually enjoy filing their taxes, especially if they know they are going to end up owing money. That is one reason why many people procrastinate and file late. Another problem may be that even though all tax forms are supposed to be in the mail by January 31st, that doesn’t always mean that arrive in a timely manner. If you filed late this year and got hit with an IRS penalty, here are some tips to keep it from happening again next year.
The Debt Misconception
Many people put off filing because they don’t have the money to pay the taxes they owe. This is a huge mistake. You should still file your federal tax return on time. The IRS explicitly states on their website, “Even if a taxpayer doesn’t have enough money to pay, returns should be filed to avoid further penalties for failure to file. The IRS will assist in finding a solution to the problem.”
Keep Your Last Paycheck Stubs
Even before you get your W2, you can find out your gross income based on your last paycheck stub of the year. Take that information, start your return in January, and update it as you receive additional forms. Work on your return a little bit at a time as new items come in so that you don’t feel rushed to complete it all in one sitting.
Get Organized
Your tax return is something you have to do every year, so why wait until you’re facing a deadline to deal with it? Keep track of your receipts and other paperwork such as monthly mortgage statements as you acquire them and put them in clearly labeled folders or envelopes. This means a little extra work on your part throughout the year, but it will pay off big time when you go to file your tax return and you don’t have to scramble to find loose receipts.
February Follow-Ups
If you don’t have all the forms you need to file your taxes by the time Valentine’s Day rolls around, don’t just wait for them to come. Call companies that you haven’t received W2’s from yet and request another copy. If you are an independent contractor, contact all clients that haven’t supplied you with 1099 forms yet. Do the same for all forms you’re missing. Missing form issues can take time to resolve, so you don’t want to wait until April to start working on them.
Very few people would say filing taxes is fun, but it is a necessary evil. If you put it off to the point of filing your return late, the only thing you accomplish is paying the IRS more money than you really need to. Don’t think of your tax return as something you deal with once a year, think of it as something you should keep in the back of your mind all year long so that when it is time to file, you make things as easy for yourself as possible. For additional help, visit turbotax.intuit.com or call a local accountant.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

Recent Posts

Business3 days ago

Why Is Quantity Surveying Essential in Construction Industry

Quantity surveying is an essential part of the Australian construction industry. It is the process of calculating and estimating the...

Home Improvement5 days ago

How to Maintain Upholstered Furniture

No matter if you have pets or kids, maintaining your upholstered furniture is quite a challenge. Even though vacuuming it...

Business1 week ago

How Do I Find a Good Bubble.io Developer?

Finding a good bubble developer to help build your app or digital product can seem challenging. How can you choose...

Home Improvement2 weeks ago

When is a right time for home repairs?

Summer is a popular time for a renovation around the globe. While it is true that bright days and warm...

Top Alteryx Competitors Top Alteryx Competitors
Tech4 weeks ago

Top 15 Alteryx Competitors

The world has seen a tremendous rise in startups and new incorporations in the business world. Companies have great potential...

Lifestyle1 month ago

Latest Wedding Trends for 2023

If you’re planning on getting married this year, chances are you’re probably overwhelmed and confused when it comes to wedding...

Lifestyle1 month ago

Tips To Make The Most Of Your City Break In London!

London is one of the best cities in the world, known for its quintessentially British culture, great nightlife, fantastic museums...

General1 month ago

The Ultimate Guide To Packing For A Trip To London

London is one of the best cities in the world, known for it’s rich history, quintessentially British culture, the best...

Tech2 months ago

Top 15 Web Development IDEs

The web development field has seen sustainable growth throughout the years. As technology is advancing, so is the web development...

devops devops
Tech2 months ago

12 Key DevOps Programming Languages to Still Popular in 2022

“DevOps is not a goal, but a never-ending process of continual improvement.” – Jez Humble Delivering the finest of services...

Entertainment2 months ago

Festival Fashion Style Tips For 2022

Summer is well and truly here and with that comes the festival season! From the biggest stars performing on stage...

Green & Energy2 months ago

4 Tips For Making Your Wardrobe More Sustainable

Everyone is trying to make more of an effort to make their wardrobe more sustainable, but often are unsure where...

General3 months ago

7 tips on how to organize a budget-friendly move

If you are planning a move any time soon, you might be worried about all the expenses that wait for...

Metal Roof Colors Metal Roof Colors
Home Improvement3 months ago

Metal Roof Colors: How to Select the Best Color for a New Roof

Choosing the right type of material for your roof is enough of a hassle already that the question of choosing...

Health3 months ago

Simple Ways To Feel More Confident At The Gym

If you are new to the gym, or you haven’t been in a while, sometimes you might not feel completely...

Categories

Archives

Trending