It's Tax Time!

By Katie Seay on March 27, 2015

Let’s face it. Not many of us actually look forward to April 15, but it comes every year and will be here faster than we know it.  For those of us who have put off filing as long as possible, here are a few last minute tips to make the day slightly less dreadful.

 

  • E-file when possible. Avoid the last minute trip and lines at the post office by e-filing your tax return. (And, if you’re owed a refund, you’re likely to receive it faster!)

  • If you must paper file, don’t forget to sign the return and confirm the appropriate IRS processing center for submission. Remember, these are assigned by resident state and can change from year to year. Find out where to file your 2014 return here: http://www.irs.gov/uac/Where-to-File-Addresses-for--Taxpayers-and--Tax-Professionals-Filing-Form-1040.

  • If you need more time, file for an extension. By filing IRS Form 4868, you will receive an automatic 6-month extension—no questions asked. This will help you to avoid any failure-to-file penalties. Remember, you must still pay your estimated tax liability when you request an extension to avoid interest and failure-to-pay penalties.

  • If you are preparing your return yourself, don’t rush—file that extension if you need more time! Mistakes can bring on additional taxes and delay the acceptance of your return. Remember to double check important information like your Social Security number and bank information.

  • Are you still trying to lower your tax bill? Consider contributing to a Traditional IRA for 2014. Remember to ask your advisor about eligibility requirements before contributing.

 

Don’t forget to start planning for your 2015 return. Ask your tax professional or financial advisor about tax planning strategies now. Often times the most beneficial strategies must be implemented during the tax year.