ORLANDO – The deadline to file your taxes is April 15. If you’re still working on yours, we have some last-minute advice to help you get the most out of your efforts.
If you haven’t filed, you still have time, but don’t wait until it’s too late. If you miss the deadline and don’t ask for an extension you could receive a failure-to-file penalty. That’s five percent of the unpaid taxes for each month the return is late. Another last-minute tip: pay electronically. It’s the safest, fastest, and most secure way to file.
“We highly recommend e-filing and actually selecting direct deposit for your refund if you want your refund in a quick and safe manner,” Kristin Castello, Financial Planner said.
Paper filing can take up to six months for the IRS to process, while e-filing cuts it down to three weeks.
Also, check for errors, especially on social security numbers for each person listed. Missing or incorrect socials can delay or reduce your tax refund. Other common mistakes include missing signatures, math miscalculations, incorrect taxpayer ID numbers, and wrong addresses. Also, be sure to review the most recent tax law changes and experts recommend using resources to help you file.
“We would recommend going through a CPA or another sort of platform like TurboTax, instead of filing it by hand, just because of the way that the tax structure is, it is very complicated to calculate your taxes,” said Castello.
Requesting a tax filing extension gives you six more months to get your paperwork together, but keep in mind, extensions don’t give you more time to pay if you owe taxes.