The tax deadline is getting close, and people who have not filed yet should do it now, experts say. The last date to file taxes is April 15, so there is very little time left. Certified Public Accountant Lee Eddleman said last-minute filers should think about filing a tax extension.
Filing an extension can help avoid penalties if someone cannot finish their taxes on time, he explained, as stated by WBBJTV. He said people can file an extension and still file their taxes later without a problem. But if someone owes money and does not file an extension, they may face both “failure to file” and “failure to pay” penalties, he warned.
A tax professional can offer one-on-one guidance and check for new deductions. For W-2 workers, Eddleman suggested contributing to a 401(k) plan. He also said contributing to an HSA or MSA may provide deductible benefits. Some taxpayers who file now could receive refunds as early as next week, as cited by WBBJTV. Experts say file fast, gather documents, check deductions, and consider extensions to avoid penalties before the deadline.
If you miss the deadline and owe money, you may face penalties, but filing an extension can help avoid extra charges.
Q2. What documents do I need to file taxes quickly?
You usually need your W-2, last paycheck stub, and any records of interest, dividends, or business income.
Filing an extension can help avoid penalties if someone cannot finish their taxes on time, he explained, as stated by WBBJTV. He said people can file an extension and still file their taxes later without a problem. But if someone owes money and does not file an extension, they may face both “failure to file” and “failure to pay” penalties, he warned.
Tax filing rules
Experts also said not everyone is legally required to file a federal tax return. However, not filing could mean missing out on refunds or other money. Eddleman advised people to do proper research before filing. He said taxpayers should first check which deductions they qualify for. People should also gather all needed documents before starting the filing process. Important documents include the last paycheck stub and W-2 form, he said.Documents you need
If someone earned interest or dividends, they should collect those records too. Small business owners should gather all income and expense records, he added. The Internal Revenue Service said seniors aged 65 and older may qualify for an extra deduction, as noted by WBBJTV. This additional deduction can be up to $6,000. Experts said filing online can be quick and easy for simple tax returns. But people with complicated finances should consider speaking to a professional.A tax professional can offer one-on-one guidance and check for new deductions. For W-2 workers, Eddleman suggested contributing to a 401(k) plan. He also said contributing to an HSA or MSA may provide deductible benefits. Some taxpayers who file now could receive refunds as early as next week, as cited by WBBJTV. Experts say file fast, gather documents, check deductions, and consider extensions to avoid penalties before the deadline.
FAQs
Q1. What happens if I miss the April 15 tax deadline?If you miss the deadline and owe money, you may face penalties, but filing an extension can help avoid extra charges.
Q2. What documents do I need to file taxes quickly?
You usually need your W-2, last paycheck stub, and any records of interest, dividends, or business income.