With the tax deadline just around the corner, the pressure is on for procrastinators who still haven’t filed their taxes. You have until Tuesday, April 15 to send in your tax return. Whether you are filing by snail mail or online, remember you have to have your return postmarked or time-stamped by 11:59 pm.
If you are one of those people scrambling at the last minute, here is some advice that I offer my clients at Cowen Tax Advisory Group.
Double Check Your Work Two of the most common mistakes on tax returns are listing an incorrect Social Security number or doing your math wrong. These mistakes are completely avoidable, but sometimes in the last-minute rush, people overlook them. Make sure to double-check because these errors can cost you money in your tax refund or flag you for an audit.
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Why to file for an Extension If you can’t get all of your paperwork together by the deadline, an extension will give you an extra six months to file. But, remember if you owe taxes, you still need to pay them by April 15. So, make your best estimate and make sure you get your return filed by October 15. If you file an extension and you get your return filed within six months, you may still get hit with the late payment fee, but you can avoid the late filing fee.
Get Your Refund Quicker You can get your money quicker by e-filing and using direct deposit. Direct deposit is also a safer way to get your money because your check isn’t sitting in your mailbox. Once you’ve filed you can track your refund through this link on the IRS website.
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If you have an tax filing questions, email me at roger@cowentaxgroup.com.
Need help with your finances? Our team at Cowen Tax Advisory Group would love to help. With more than 35 years in the business as trusted tax and retirement planning advisors, we treat our clients like family, take pride in our work and make it easy! Find more at cowentaxgroup.com
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