Here are 5 quick tips to make sure you are ready for the deadline.
Quick Tip #1: File Your Tax Return
This may seem obvious but I've seen people miss the deadline because they were waiting to send in their return and completely missed the deadline.
If your tax return has already been prepared, be sure to send it in timely. If you are e-filing, then be sure to send your tax preparer the required paperwork to do the e-filing for you.
Quick Tip #2: Now is the Time to File an Extension
If your tax return has not been completed yet, it is time to file an extension.
Extensions are a great tool in a tax strategy. Tax returns that are prepared in a hurry are more likely to have mistakes. While it may be tempting to just get it done, you definitely want to make sure you give your tax advisor time to analyze your tax return.
My team and I are often able to find tax savings opportunities during the tax return preparation process, but you don't give your tax advisor an opportunity to do this when you file at the last minute.
Quick Tip #3: Pay Your Taxes by the Deadline
Do you owe tax or are you receiving a refund? If you don't already know where you stand, it's time to find out.
If you owe, then now is the time to make sure you have the funds ready. Even though you can file an extension, the extension only extends the time to file your return. It does not extend the time to pay your taxes.
Determine how much you should pay with your extension. Getting this number right will reduce any penalties and interest that could be assessed.
Quick Tip #4: Don't Forget Estimated Tax Payments
Many individuals and businesses have estimated tax payments due April 17th, so even if you have filed your tax return, make sure you have also taken care of your estimated tax payments.
Quick Tip #5:
Leverage Your Tax Return in Your Tax Strategy A tax return is a tremendous tool in a tax strategy. It captures the tax savings from the prior year and can identify opportunities for future tax savings.
As I mentioned, it's important to not rush through the tax preparation process to ensure all tax saving opportunities are captured. It is also important to not let the tax preparation process drag on because new tax saving opportunities are waiting.
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The April tax deadine is coming up quickly. This year the deadline is on April 17th since the 15th falls on Sunday and the 16th is a holiday in the District of Columbia.
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