How to Get Your Tax Return Completed or File an Extension

With the tax filing deadline fast approaching, many Americans are scrambling to get their tax returns completed. According to a recent survey from Trustpilot, as of March 29th, 48% of Americans had yet to file their taxes.

If you’re one of those who have yet to file, don’t worry, we’ve got you covered. In this article, we’ll provide you with some last-minute tips to help you get your tax return completed on time.

Last-Minute Tips for Filing Your Tax Return

Get Started

If you haven’t started, the first thing you need to do is get started. H&R Block has a great tax preparation checklist that you can print out and use to make sure you have all the necessary documents to file your return.

Filing an Extension

If you don’t have all the necessary documents, you may want to consider filing an extension. However, it’s important to note that an extension to file your tax return is not an extension to pay your taxes due. If you owe money, you’ll need to pay it by the deadline to avoid late payment penalties.

Estimating Your Taxes

If you’re expecting a refund, you’ll want to file your taxes as soon as possible to speed up the process. The IRS processes tax returns in a first-in, first-out basis, so the sooner you file, the sooner you’ll receive your refund.

When it comes to estimating your taxes, there are many options available. H&R Block’s tax calculator is a great tool to estimate your taxes, but there are many other options available as well.

Avoiding Late Payment Penalties

To avoid late payment penalties, you can make your tax payments throughout the year. If you’ve paid at least 90% of the tax you owed last year, you can avoid underpayment penalties.

Submitting Your Return

If you can’t pay what you owe in full, you should still submit your return with as much as you can pay. This will help reduce any penalties or interest that may accrue on the outstanding balance.

Setting Up a Payment Plan

If you can’t pay your balance due in full, you can set up a payment plan with the IRS to pay it off over time.

Filing for an Extension

If you need to file for an extension, you can do so by filing Form 4868. This form is easy to fill out and can be filed online for free with the IRS’s free file options.

Conclusion

The deadline to file your tax return is fast approaching, but there’s still time to get everything in order. By following these last-minute tips, you can ensure that your tax return is completed on time and avoid any late payment penalties.

As you prepare to file your tax return, it’s important to remember that the IRS processes tax returns in a first-in, first-out basis. So, if you’re expecting a refund, the sooner you file, the sooner you’ll receive your money.

If you’re unable to file your tax return on time, don’t panic. You can file for an extension by filling out Form 4868. This will give you an additional six months to file your tax return, but it’s important to note that an extension to file is not an extension to pay any taxes due.

As you prepare to file your tax return, take the time to review your options and make sure you’re taking advantage of any available deductions or credits. By doing so, you can maximize your refund and ensure that you’re in compliance with the tax laws.

Finally, as you file your tax return, remember that the IRS is here to help. If you have any questions or concerns, don’t hesitate to reach out to them for assistance.

As you prepare to file your tax return, what steps are you taking to ensure that you’re maximizing your refund and avoiding any late payment penalties?