The deadline for filing your taxes is coming up fast: The last day to file is April 15.
The reality is that the longer you wait to file, the less time you have to sort out any potential issues, so we went to the experts to find out how you can make the process as easy as possible.
Why people are waiting to file
CPA and tax expert with Turbo Tax, Lisa Greene-Lewis, said confusion around the IRS layoffs has caused many people to hold off on filing.
“Also, they're hearing about tax proposals on the table, but first, I would emphasize that that does not impact your 2024 taxes," Greene-Lewis said.
Watch the video below for our top tips, or keep scrolling to see them in writing:
1. File sooner rather than later
Andy Phillips, vice president of the tax institute at H&R Block suggests you file now. "If you're ready to go, there's no reason to wait any longer. If you've got all your documents, make sure you file today and get this taken care of," Phillips said.
2. Prepare for a larger refund
Greene-Lewis said the average refund is over $3,000.
“For many people that's the biggest check they get all year, so I would not delay," Greene-Lewis added.
3. Make a plan to file on time
Gather all your documents and make an appointment with a tax pro, or carve out time in your calendar for when you plan to complete your taxes.
4. Need more time? You must request an extension.
"The penalty for failing to file a tax return on time is 10 times the penalty for just failing to pay on time," Phillips said.
5. An extension is to file, NOT to pay
If you plan to request an extension and expect to owe, tax experts are reminding you that it is an extension to file and not an extension to pay if you owe any money.
"So, when you submit that extension, make sure you also make a payment of what you expect to owe to avoid any potential penalties and interest,” Phillips said.
6. Utilize free resources like “IRS Free File”
You are eligible if your adjusted gross income in 2024 is $84,000 or less.
7. Check eligibility for the IRS's Volunteer Income Tax Assistance (VITA)
According to the IRS, the program is available for certain people who need assistance filing their tax returns, including the following:
- People who generally make $67,000 or less
- Persons with disabilities
- Limited English-speaking taxpayers
8. Simple return? Use free versions of software
H&R Block, Turbo Tax, and Free Tax USA offer free versions of their software for simple tax returns.
"You can snap a photo of your W-2 or your 1099s and that information goes to the correct forms and for many people they're almost done, so I would say just get it off your plate,” Greene-Lewis said.
9. DIY File
The IRS provides the forms for free filing to everyone, so if you're able to completely DIY your taxes, that is another free option so you don't waste your money.
"Don't Waste Your Money" is a registered trademark of Scripps Media, Inc. ("Scripps").
Follow John:
- Facebook:John Matarese Money
- Instagram: @johnmataresemoney
- X/Twitter: @JohnMatarese
Follow Taylor:
- Facebook: Taylor Nimmo
- Instagram:@tnimms
- X/Twitter: @tnimms
For more consumer news and money saving advice, go to www.dontwasteyourmoney.com
