5 Easy Tips to Make Tax Time Less Taxing
Author: Siân Killingsworth / 18 Jan 2018 / Personal Finance
This year’s tax time deadline is April 17, 2018. To help you prepare, our partner, TaxAct, compiled these effective time and money-saving tips.
1. File now rather than later! Rushing to finish your taxes at the last minute can easily lead to avoidable typos. If you’re waiting to file because you owe taxes, you can e-file now – just schedule your payment anytime before April 17. Filing earlier can reduce your chance of tax return identity theft. The sooner your return is filed, the less opportunity there is for someone to file a fraudulent tax return using your name and Social Security number.
Reminder: Calendar year S and C corporation returns are due March 15. Personal (form 1040) and partnership (form 1065) returns are due April 17.
2. Get organized. Gather all your tax forms, statements, and receipts you will need before you start your taxes. You’ll finish your taxes faster and more easily. A simple way to make sure you don’t forget anything this year is to use your 2016 return as a reference.
3. Don’t pay too much to do your taxes. In just a few minutes you can compare the top DIY brands but don’t forget to ask these questions. How much is their product? Does that include the forms you need for your tax situation? Does that price include your state income tax return? Remember, since you don’t typically pay until you’re ready to file, you can take most online products for a drive.
Bonus for our blog reader: Save on TaxAct’s individual, partnership and corporate tax filing solutions now at www.taxact.com/ubiquity.
4. Double check your return for typos. Before you e-file, make sure this important information is correct on your return:
- Birth dates
- Social Security numbers
- Names, especially of dependents – must be identical to what’s on Social Security cards
- Bank routing and account numbers
5. Choose the fastest path to your refund. E-file and choose direct deposit to get your refund the fastest way possible. The IRS issues more than nine out of 10 refunds in less than 21 days.
Learn how you can lower your taxes in 2018 with a small business or solo 401(k) plan from Ubiquity
