Last Minute Tax Tips On Tax Day 2024

Mondays can already be tough with the start of a new week, and Tax Day just piles on the stress and anxiety!

But hey, no need to panic.

There are steps you can take to calm those nerves and avoid unnecessary fees and penalties.

Need more time to file?

Get a 6-month tax filing extension automatically when you make a payment amount to the IRS.

The IRS will automatically process an extension of time to file when you pay part or all of your estimated income tax electronically.

From there, you can make a same-day payment by accessing your IRS Individual Online Account:

Direct Pay, using the Electronic Federal Tax Payment System (EFTPS)
Credit or debit card

You won’t have to file a separate extension form if you go this route and you’ll receive a confirmation number for your records.

Link to website with more information on your options:
https://www.irs.gov/forms-pubs/extension-of-time-to-file-your-tax-return

File your own extension free by Monday, April 15

The IRS offers an online form that allows you to request a six-month extension without any fees or penalties.

This can give you the extra time needed to gather all necessary documents and ensure accuracy in filing, whether you file on your own or work with a tax professional later.

Link to IRS website: https://www.irs.gov/filing/get-an-extension-to-file-your-tax-return

You can also file online with an IRS e-filing partner. These companies collaborate with the IRS Free File program, enabling you to e-file your tax filing extension at no cost.

Here is a link to the list of IRS e-filing partners:

A tax extension extends your time to get your tax filing together, but if you have a balance due, the deadline to pay is still April 15, 2024.

Start getting your documents together

Use a program like QuickBooks‘ for individual/home and business bookkeeping support to help you track finances, income, and expenses and get your documents ready for your tax filing.

You will need to get your documents together whether you work with a tax pro or file on your own.

If you decide to use a software tool like TurboTax to file, QuickBooks will integrate seamlessly and help expedite your tax filing:

Transfer financial data from QuickBooks to TurboTax with a click, eliminating manual entry
Maximize deductions and credits with TurboTax’s guidance tailored to small businesses
Ensure accuracy and compliance with current tax laws, reducing the risk of audits

Get 30% off QuickBooks for the first 6 months using our link:
https://creativeenabler.com/recommends/quickbooks/

And if you go with a tax pro, you can easily download/transfer your financials and other pertinent info to the tax office for your filing!

Owe taxes from previous tax seasons and freaked out?

If you owe taxes from prior tax cycles, please don’t let that deter you from taking the first steps towards a resolution this tax season!

Check out this doc from the IRS about ways you can work out a plan of action for past tax years that works for your current budget: https://www.irs.gov/pub/irs-pdf/p4849.pdf

Ignoring your tax situation will only make it more challenging (and expensive!) to resolve later.

And if all else fails, you can work with a tax team that will advocate on your behalf!

Talk to a tax professional about your options

If you are feeling completely overwhelmed and unsure of how to handle your taxes this year (or past tax years), don’t hesitate to seek help.

Tax offices are staffed with professionals who can guide you through the process and answer any questions you may have, and help you complete Form 4868 (tax extension form).

Working with a tax pro can also help you figure out payment options if you owe money currently, or respond to correspondence from the IRS that you may have received.

Working with a tax professional will vary in cost and is usually determined by complexity of filing and how many years of tax returns may need to be caught up. Never hesitate to ask for a quote before committing to your tax service!

When selecting a tax professional, prioritize trust and expertise over a heavily discounted promotional rate. It can be a relationship that you have for years to come, taking the worry out of future tax seasons!

Always look up reviews for the tax professionals you intend to work with and try to go through your local network for recommendations, when possible.

Knowledge helps halt fear of the unknown!

This is just a jumping off point if Monday’s tax deadline crept up on you and you need a place to start!

Be sure to visit the IRS website for more information on important tax deadlines and requirements, and not be afraid to reach out for support with your tax filings even at this late date!

You do have options, but ignoring tax time is not one of them.

Hang in there and feel free to ask for a tax pro referral if you need more help!

Report

How To Get A Free Tax Extension Online Before The Deadline