The last day to file taxes is quickly approaching, and several people are in the habit of putting taxes off until the due date. While this is not necessarily a bad thing, it can be a stressful method. Filing taxes is only easy some of the time, and it is important to have your finances in order before punching in those numbers on your computer. Therefore, if you have decided to put your taxes off until the last minute this year, here are a few things to keep in mind.
There are several documents you need when filing your taxes. W2 and 1099 forms are the least of them. In addition to the forms supplied by your places of work, you will need a record of all work-related expenses, additional information about student loans or student loan interest you may be paying, property information, retirement account information, and insurance information, just to start. Before you file your taxes, make sure you have every relevant document or piece of information accounted for to make filling out your taxes as expedient as possible.
Tax breaks are given for a wide variety of things, and it is important to know beforehand for which of these breaks you are eligible. For example, moving expenses can be filed for tax breaks, as well as charitable donations and the costs one incurs when trying to find a job. Additionally, educational expenses can result in tax breaks, as can some medical costs and retirement investment taxes. Make sure you familiarize yourself with tax break rules and know what you can file for a deduction.
Taxes are due this year on April 18, 2016. You must file by this date, or file for an extension by this date, in order to avoid a fee. However, keep in mind that your tax fee will be due on the 18th instead of on the extended date. It is important to have something filed by the 18th, so do not put it off!
Triple Check All Information
Many tax filing problems stem from silly spelling and numbers mistakes on tax forms. Something as small as a name misspelling can affect filing your taxes. Having the right social security number on your taxes is also crucial to correct filing. Therefore, when you are done filling out your tax forms, go over everything you put down at least two more times to make sure all of the information is correct.
