For many Americans, the start of spring is a pleasant time, ushering in warmer weather and new life. Yet intermixed with all of spring’s pleasantries is tax season, a surefire way to get the anxiety spiking. Even those of us who are well-prepared tend to feel the extra pressure mounting as tax deadlines approach. But for the procrastinator? Tax season can often be debilitating. The good news? There are plenty of ways to alleviate the stresses of tax season, and just because you might be behind schedule, doesn’t mean you need to throw in the towel entirely. In this post, we’ll discuss some preemptive measures you can take throughout the year to ensure, come April, you’re better prepared for tax season. We’ll also give you the best last-minute tax tips to help you get filed on time, even if you’re currently lagging behind in the process.
Work Towards Preparing Throughout the Year versus All at Once
Let’s face it, if you’re a hardcore procrastinator, you’re not likely going to change your tune overnight. However, as long as you’re implementing a little more prep work into your routine than you did in years prior, you’re progressing in assisting your future self. Often, it’s the baby steps that launch full-scale change, so here are some easy-to-follow tips that tend to yield big-time results.
Get Organized: It seems simple enough, but sometimes a little organization is all it takes to help improve your overall preparation skills. Figure out what organizational style works for you. Are you someone who does better with traditional physical documentation or bookkeeping? Or are online systems with built-in infrastructure the way to go? A lot of times getting your affairs in order boils down to understanding how you best function.
Set Aside Time to Review: Rather than try and tackle everything all at once in the weeks before your tax deadline, set aside some time to review as you go. Start by finding a frequency that makes sense for you, whether that’s monthly, quarterly, or bi-annually, to review your finances. By doing so, you can flag any potential issues before they snowball out of control. This will help you to manage the amount of backtracking you’ll need to do come April.
Learn From the Past: The past can be very helpful in determining what strategies worked and didn’t work in past filing years. If you know that tax season is coming and you tend to struggle, perhaps the answer is to try and find new methods or techniques you haven’t previously implemented. Bottom line? Repeating the same actions but hoping for different results, will inevitably drive you crazy.
Tax Deadlines Approaching Rapidly? Don’t Panic. Let’s Talk Last Minute Solutions
When deadlines start to approach, tax filers can often start to feel the pressure mounting. After all, a lot goes into filing taxes, and it requires a high level of focus and concentration. Naturally, this can cause many filers to become anxious, and therefore procrastinate on completing their returns. While putting things off might work to ease anxiety initially, very rarely does it help matters in the long run. If you’re a last-minute tax filer starting to feel like you’re losing control, here are some tips to help alleviate your stress and work towards still getting your return filed on time.
Consult a Professional: When it gets down to the wire, a lot of people will talk themselves out of seeking professional help. This reluctance to hire a professional often boils down to not wanting to spend extra money. However, you’ll likely spend less money enlisting the help of professional tax services Charlotte NC than you will on late fees and penalties you accrue as a result of missing your tax deadline. Ultimately, it might be worth the investment if it helps you get peace of mind, and prevents you from stressing out further, causing you to make careless errors on your return.
Consider Extensions: If you feel certain you won’t be able to make your deadline, consider filing an extension. Filing a request does not automatically mean that you won’t still be liable to pay late fees and interest fees, but it will probably save you from harsher penalties. There are 3 ways that you can file an extension request, and they are as follows:
- Have your tax professional file the proper form.
- File the form via your tax software.
- Or, use IRS Free File
The IRS website has an entire section on extensions, including a frequently asked questions section that can help walk you through the process of filing an extension.
Understand Your Unique Situation: Because so many of us file taxes, we can be easily tempted to follow the advice of our peers, friends, and neighbors when it comes time to file. Nevertheless, every individual is different, and just because you and a loved one might have similar incomes doesn’t mean that your tax returns will be alike.
Ultimately, your tax situation will be contingent on various factors and can differ based on what state you live in, whether or not you’re self-employed, and other key criteria. It is also wise to do some serious research into deductions. Many Americans lose out on big-time savings because they believe they won’t qualify for any write-offs or deductions. If the time to figure out any write-offs has come and gone, make a mental note to plan ahead of time for next year, so that you can reap the potential benefits.
Beware of Careless Errors: If you choose not to go the professional taxes and bookkeeping route, it’s still a very good idea to have someone you trust to double-check your return. Even the smallest of errors can yield sizable consequences. Waiting till the last minute means you’ll probably have rushed through certain sections, and the last thing you want to be penalized for is entering something like your own social security number incorrectly. Keep in mind that while tax software can double-check your math, it obviously cannot determine if numbers have been entered incorrectly.
Breathe Through It: Know that even if you can’t make your tax deadline, there are options available for you. Just because you’ve procrastinated, doesn’t mean you’re automatically down for the count. Breathe, assess your current situation honestly, and take a minute to assess what the best option is for moving forward at the present moment.
At McGrant Tax And Bookkeeping, we are here to help answer all your questions and give you all the tax tips that last-minute filers in Charlotte NC need to know. Please feel free to contact us today at any of our two locations or visit our website https://mcgranttax.com and book an online or physical appointment.
This post is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult his or her own attorney, business advisor, or tax advisor with respect to matters referenced in this post. McGrant Tax and Bookkeeping assumes no liability for actions taken in reliance upon the information contained herein.
