The deadline to file your 2023 taxes is midnight on Monday, April 15, 2024. That date will be here faster than you think. Don’t hold off any longer—the time to file is now. According to the IRS, 20-25% of Americans wait until the final two weeks before the deadline to prepare their documents and file. The sooner you file, the less likely you will need to file an extension or pay a fine.
Here are seven reasons to get started on your taxes today:
- By early February most financial institutions have mailed out their respective tax documents. You should have all your documents gathered and organized. If you think you are still missing something (e.g., a document, form, or receipt), call the appropriate person to get that item sent to you right away. Tip: an email with the attached file is much quicker than the U.S. Mail.
- Gather all necessary tax paperwork and records for accuracy to avoid missing a deduction or credit. Taxpayers should have all their important and necessary documents before preparing their return.Before beginning, taxpayers should have:
- Social Security numbers for everyone listed on the tax return.
- Bank account and routing numbers.
- Various tax forms such as W-2s, 1099s, 1098s and other income documents or records of digital asset transactions.
- Form 1095-A, Health Insurance Marketplace statement.
- Any IRS letters citing an amount received for a certain tax deduction or credit.
- Tax preparation professionals will once again be busier than ever this tax-filing season. As soon as you have all your documents, submit them to your tax professional. Don’t procrastinate on this—even CPAs have to get extensions if they can’t file your taxes in time.
- There is a penalty for not filing your taxes by the deadline. This penalty is harsher and different from the penalty for failure to pay what you owe by the deadline. You should file taxes on time even if you are unable to pay all the taxes you owe by the due date.
- Get ahead of the fraudsters! Another advantage of filing early if you expect a refund: It helps ensure that you claim your money before fraudsters have a chance to claim it in your name.
- Don’t forget that tax refunds are your money! Why wait any longer than necessary to claim it? You’ll feel much better knowing it’s in your bank account, and not the government’s coffers.
- Filing electronically with direct deposit is the fastest way to receive a refund. Avoid paper returns.
- Filing your tax return now and checking that off your to-do list is one more way to lighten your load. No more thinking about taxes for at least another 11 months!
If you are feeling overwhelmed or daunted by the thought of gathering and organizing your documents, Simplify Experts is here to help. We have done this with so many clients who have found our support and assistance with paper organizing incredibly life-changing and stress-relieving. Don’t hesitate to contact us!