5 Important Tips for Last-Minute Tax Filing

The deadline for the 2023 tax season is April 15. As this date approaches, it’s common to find yourself amongst the many of us who wait until the last minute to file. But don’t worry – there’s still plenty of time to get your taxes submitted. We’ve compiled helpful tips to streamline the process and make it a seamless experience.

1. Get organized. Before you begin, gather all the documents and information you will need. Social security numbers and W-2 and/or 1099 forms for everyone listed on your tax return are necessary for accurate filing. You can find a full list of documents you will need on the IRS website.
2. File taxes the easiest and fastest way. E-filing is the fastest way to get your tax return to the IRS. You can e-file for free using IRS Free File if your adjusted gross income (AGI) was $79,000 or less for 2023. If your AGI was higher than $79,000, you can use IRS fillable forms at no charge. However, with fillable forms, you won’t find guided step-by-step instructions like you would with most tax preparation software.
3. Inquire about an extension. If you are unable to make the April 15 deadline, apply for an extension. If approved, you have until October 15 to make your payment in full. Request for an extension must be filed by April 15 and does not grant you an extension of time for payment. To apply for a payment plan, use the self-service online payment plan option on the IRS website.
4. Maximize deductions. It’s easy to overlook opportunities for tax deductions, especially if you’re rushing to complete your return. Don’t skip this step as you can reduce the amount of tax you owe or increase the amount of your return. See which tax deductions you qualify for on the IRS website.
5. File even if you miss the deadline. If you haven’t filed by April 15, it’s important to complete your return as soon as possible. The penalty charged for a late filing is a percentage of the taxes you didn’t pay on time. If you receive a penalty, research what options you might have to dispute, reduce or remove it through the IRS website. There is no penalty given for late filing if you are owed a refund, however, filing still needs to be completed.

While we aren’t tax experts, we are here to provide support in the ways that work best for you. For personalized financial guidance or more information regarding resources on tax professionals, make an appointment at your nearest Financial Health Center.