Every year, tax season brings a certain amount of anxiety to us, knowing that we have a deadline to fit in an exercise we only think about usually in the spring of every year. Unfortunately, we have tons of other things to think about at that time, too! Like, where are we going for a spring vacation? When will the cold weather finally go away? How is my March Madness bracket doing so far!?!
There’s a lot going on!
Plus, there are a few reasons you should want to get your taxes done as early as possible, including the obvious – getting a refund sent back to you sooner. But another major reason is that you’ll lessen the odds of getting your identity stolen. If you file first, then they can’t file in your name and steal your tax refund!
So in honor of all the procrastinators out there, we came up with several smart ways you can get your taxes done on time, without it being an excruciating experience.
These three tips are meant to help everyone, not just those that sometimes have issues in getting their taxes done on time, but all U.S. taxpayers to avoid any penalties for doing their taxes late.
Make Quarterly Estimated Tax Payments
A lot of times, people don’t get their taxes done on time because they’re stuck trying to figure out how much they owe – and then trying to track down ways to pay all that money at once.
First, you can file for an extension if you’re unable to make your full tax payments. Second, you should consider making quarterly estimated tax payments every three months, so that when tax time comes, all that’s left to do is to send in the paperwork.
Plus, if you make your quarterly estimated tax payments, you’ll be much more likely ready to get your taxes done early, since it has been on your mind all year.
Organize Yourself For One Long Afternoon
Part of the problem with trying to get your taxes done on time is that we get overwhelmed with all of the paperwork involved and knowing you’ll have to gather things from many sources.
So plan out an afternoon one day, making sure you don’t have any other distractions or responsibilities to take care of at the same time, and gather all of the following:
- 1099 and W-2 tax forms sent to you, along with those for income from interest and dividends
- Cancelled checks to confirm your donations that you’ll be claiming
- Retirement account documentation
- All receipts for deductible items that you weren’t reimbursed for already
- Medical bills that exceeded 10-percent of your income
- Tax information for your mortgage interest, mortgage insurance and property taxes
By getting all of this information, along with any student loan, tuition or fees together before you sit down to do your taxes, you’ll find that the task will be much quicker than you likely anticipated.
Hire Someone Else To Do Your Taxes
For most people, time is money. So why waste your time trudging through your taxes, when you can just hand it over to professionals that will certainly make sure you’ll either get the biggest refund or you’ll take all of the tax deductions and pay as little in as you have to.
When you hire a team at Levy & Associates Tax Consultants, you alleviate worries about not taking the most deductions that you deserve, and you take the pressure off of yourself as you try to do everything correctly and legally. Their team of CPAs, attorneys and former IRS revenue officers have done this for half a century, and they already make thousands of customers happy, by ensuring they get their taxes done on time.