If you’re staring at the calendar, realizing Tax Day is right around the corner, don’t panic, you’re not alone. Every year, millions of people scramble to gather documents, double-check every number, and file just in the nick of time. But filing last-minute doesn’t have to mean filing in a frenzy. With a few smart moves and quick fixes, you can avoid costly mistakes, maximize deductions, and submit your return before the IRS comes knocking. In this article, we’ll cover essential tips and checklist items to help eliminate the chaos of last-minute tax filing—so you can hit “submit” with confidence.
Gather your documents and records:
More often than not individuals don’t know where to begin with their tax process, the first thing one should do is to begin gathering all records and documents that you will need to file your taxes, as far as where you will find these records according to taxslayer.com “tax documents are typically sent through the mail or electronically from employers, financial institutions, and others you’ve had financial transactions with over the past year:”. These forms will be essential for reporting purposes, these forms will include key things such as income, deductions, and credits that the IRS will use to determine your tax due or refund. Here are some of the most common tax forms you may receive:
Form W-2: from your employer to report wages, salaries, and tips.
Form 1099: a 1099 can come in many different ways such as a 1099-R which can be used to report distributions from retirement plans, or a 1099-NEC which is for independent contractors, or even a 1099-DIV to report dividends received for the year.
It is also recommended that you gather the following documents as they are commonly used:
- Receipts for charitable donations
- Medical and dental expenses
- Records of contributions to retirement accounts
While finding a retirement account statement is easier than finding documentation of all of the receipts for charitable donations you have made in the past year, it is important to educate yourself on how one can keep track of such expenses and how to collect documentation of such expenses.
File your taxes on time:
April 15th is the deadline to file your federal tax return. If this date falls on a weekend or federal holiday, then payments and returns will are due the following business day.
Filing online is more often than not the quickest way to submit your taxes and have peace of mind that your return has been submitted on time. The IRS says that e-filing with direct deposit is the fastest tax refund method.
If you need more time to file your taxes, you can request more time by filing form 4868 which is the application for automatic extension of time to file your individual income tax return. To successfully file an extension, it must be submitted within the IRS due date. From there you will be given an extra six months to complete your return as needed. It is very important to keep in mind that although you have an extension on your return, this does not mean you have extra time to pay your tax bill.
Avoid common errors:
If you’re in a rush to file your taxes, you’re more likely to make simple mistakes that could delay your refund or lead to IRS issues. Giving yourself enough time to organize and gather all necessary documents is key to avoiding these errors. Carefully reviewing your return before hitting “submit” can help catch common mistakes, from incorrect numbers to missing signatures. Alternatively, using tax software can streamline the process by running calculations, flagging missing information, and ensuring all required documents are uploaded. According to LittleOwlCPA.com, here are some of the most common mistakes people make when filing their tax returns:
- Inaccurate PINs or Social Security Numbers
- Misspelled names or data entry errors
- Losing track of dependents
- Incorrect filing status
- Filing prematurely
- Bad direct deposit numbers
- Paper filing
- Not understanding credits and deductions
- Not including address or residency changes
- Forgetting taxes are due
Avoid last minute scams:
Tax season is prime time for scammers to steal personal information as well as money from anyone who falls for their tricks. Here are some common scams to watch out for and how to protect yourself.
- Fake IRS phone calls:
- Scammers often impersonate IRS agents, claiming you owe back taxes and demanding immediate payment via gift cards, wire transfer, or even cryptocurrency. It is important to note that the IRS will never call you out of the blue to demand payment!
- Phishing emails and texts:
- You might receive emails or texts from people pretending to be the IRS. These emails will often say that there’s issues with your tax return, they will contain false links which are designed to steal your personal information. The IRS does not contact taxpayers via email, text, or social media.
- “ghost” tax preppers:
- These are fraudulent tax preparers who often promise big refunds but disappear after filing, often leaving behind incorrect or fraudulent returns that could get you in trouble with the IRS. Always use a reputable tax professional with a valid tax preparer tax identification number (PTIN).
- Fake refund or stimulus payment offers:
- Scammers send messages claiming you qualify for a special refund or stimulus payment and ask for personal details to process it. This is a method for scammers to steal your personal information, remember, the IRS never initiates refunds this way! Always check your tax status directly at IRS.gov.
If you want to protect yourself against these scams here is how you can best protect yourself. You can begin by ignoring unsolicited IRS calls, emails, or text messages. The IRS primarily communicates through official letters in the mail. Be sure to never share your personal information over the phone unless you’re 100% sure of who you’re dealing with (parents, attorneys, advisor, CPA, etc.). Lastly, go directly to the IRS website for official tax information. Never click on random links sent to you through unsolicited messages and texts.
In conclusion, filing your taxes effectively—even when the deadline is looming—comes down to preparation and attention to detail. Take the time to gather all necessary documents to ensure a complete and accurate return. Even in a time crunch, downloading tax statements and using scanning software can streamline the process in just minutes. Before hitting “submit,” double-check every detail to avoid costly mistakes. Lastly, stay vigilant against tax-related scams—verifying information and using reputable services can protect both your refund and your personal data. A little extra effort now can save you from major headaches later!
Advisory Services offered through Nepsis, Inc., An SEC Registered Investment Advisor.
Sources:
https://www.taxslayer.com/blog/last-minute-tax-tips-for-procrastinators/?utm_source=chatgpt.com
https://www.investopedia.com/terms/w/w2form.asp
https://www.investopedia.com/articles/personal-finance/082514/purpose-1099-forms.asp
https://www.irs.gov/newsroom/direct-deposit-is-the-best-way-to-get-a-federal-tax-refund
https://littleowlcpa.com/the-top-10-most-common-tax-mistakes-and-how-to-avoid-them
https://www.investopedia.com/terms/p/phishing.asp
https://www.investopedia.com/how-to-spot-and-avoid-the-latest-tax-scams-8771703