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Tax Tips for Last-minute Filers

Tomorrow at 11:59 p.m. is the deadline to file your taxes. While filing on time is the responsible thing to do, it is easy to feel overwhelmed in the process. That stress is a main reason why 20-25% of taxpayers put off filing their taxes until the very last minute, which can cause even more stress.

Although the deadline is looming, it is still possible to file your taxes on time. Here are some tips and suggestions, which should help you execute a strategy.

Have Your Documents Ready

Organize your financial information, including your income statements such as W-2 and 1099 forms, receipts for major expenses, proof of charitable donations, and investment documents. To stay on top of things for next year, keep a binder to store documents all year long, in order to avoid the stress of hunting them down at the last minute.

Get It Done

Keep in mind that if your return is late and you owe taxes, you could face interest and penalties that can really add up. Even if it will take a lot of effort to get your return done on time, it’s definitely worth it.

Consider an Extension

If you can’t file your return on time, you may be eligible for a six-month extension of the due date, but keep in mind that you must still properly estimate the amount you will owe and pay that amount by the regular deadline. If you don’t, you may be subject to interest and penalties.

File Even if  You Can’t Pay

If you’ve been putting off filing because you don’t have the money you owe, don’t fail to send in your return. The IRS offers payment plans to eligible taxpayers who can’t pay their taxes all at once.

You may not be able to avoid filing taxes, but you can avoid the stress of last-minute filing by getting an earlier start next year or by consulting a tax professional.

For additional financial education resources, be sure to visit BeforeYouBet.org.

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