Tax Filing Time — Last Minute Tips for Procrastinators
“Never put off till tomorrow what can be put off until the day after tomorrow.”
“Me? A procrastinator? I’ll prove you wrong, just you wait and see.”
Do any of these quotes sound like you, when it comes to doing your taxes? Like the tide, you can sense the filing deadline washing inevitably towards you, yet you still haven’t gotten them started. Don’t worry: you’re not alone. The last day of tax season is also one of the busiest. If you’re the type that likes to put everything together at the last minute, here are some tips to help:
Get Organized. Think of times when you were late for work. Inevitably you would forget something and have to scramble back in the house to find it before tearing out of your driveway. Take the time to make sure you have all your documents in order before you start adding up any figures.
Charitable Donations. If you make a lot of charitable donations, go over your bank and credit card statements to see if there are any small ones you missed.
Estimated Tax Payments. If you frequently end up owing additional tax, you may have made these payments. For this year’s taxes, you’ll need to know exactly how much you paid and when, preferably with the check number.
IRAs. For the most part, once New Year’s Day rolls around you no longer have the ability to change anything. IRAs are the exception to this rule. You can contribute to an IRA all the way up to the tax filing deadline to lower your taxable income.
Bad Math. 2+2= 4. It sounds simple, but you’d be surprised how many errors crop up in tax returns due to incorrect arithmetic. Check your return to make sure 2 plus 2 really does equal 4 and not 13.
Transposition Errors. You write 48 instead of 84, and it throws everything else off. This type of error crops up even in experienced accounting offices. Also, watch out for extra zeroes, as one too many of these innocuous little circles can create havoc on your return.
Getting Important Information Wrong. Make sure your basic information is correct, including your address and your bank routing and account numbers if you’re anticipating a refund. Small errors like an incorrect Social Security number can significantly delay the processing of your return.
Sign Your Return. Like adding, it sounds simple, but when you’re in a rush it can be easy to overlook.
“Nothing makes a person more productive than the last 10 minutes,” actor Neil Patrick Harris once said. While it might make for a great television scene, doing your taxes can be stressful enough without a deadline hanging over your head. Next year, see if you can get an earlier start. After all, the early bird does get the worm.