We know the tax deadline clock is running out. In case you have not noticed, Gavrilov & Co has spent the last few blogs giving specific tax and accounting tips to some of our important niche industries like restaurants, cannabis dispensaries, real estate companies, and small businesses. Today, as the tax deadline clock ticks down, we shift gears to bring you some very hot, yes, sizzlin’ hot, tips for the last minute if you have not yet filed.
Our advice might seem unique, but it’s brief and professional. You see, in good conscience, we feel compelled to help our last minute potential clients in their hour of need.
The Tax Deadline Clock: Days and Hours Away from the Final Countdown
The Gavrilov & Co tax squad is standing by to bring emergency aid to any of you who have not yet filed. So, to coin a medical style phrase, take two or more tips and call us in the morning—or right now. We won’t let you lose a good refund just because life got in the way of the Tax Deadline Clock.
Tax Deadline Clock Tax Tip: Do Not Miss The Power of Review
Looking over last year’s tax return will save you more than money. It saves time. Use it to help look up information that has not changed much over the year. “Reviewing last year’s tax return could ultimately save you money,” said Greg Rosica. Greg is an Ernst & Young LLP tax partner and contributing author to the Ernst & Young Tax Guide 2013.” Your old income tax return has information that can carry over into this years. Also, studying last year’s results could remind you of several vital pieces of information:
- many deductions,
- credits
- savings.
Fast and Furious Instant Tips That Mean A Lot:
1. Check to see if you can deduct the cost of tax preparation software. Did you know that if you are old-school and buy publications, they count as well as software?
2. Last Minute Receipt Run-Down: Do a final check for receipts.
3. A generous heart can be Forgetful: Remember that deductions for cash contributions to charity need a bank record. We hope you have your canceled check and a dated receipt from the charity.
4. The Tax Deadline Clock has not run out on your contribution to your IRA. You can do this up until the very last day of the deadline. There’s still time to make a contribution to your IRA. Quick, save yourself some bucks!
5. Imagine there is a number on your tax deadline clock. And that number is your Social Security number. You must put it on every page of the return. If this seems illogical, just think about the fact that if the IRS misplaces any data or page, “It can be reattached.”
6. The Tax Deadline Clock has zero tolerance for math errors. Garbage in still means Garbage out. So relying on your software can still get you in trouble. Make sure you double check all your input numbers.
7. In fact, the tax deadline clock indicates many mistakes happen when you hurry to file by the April 15th deadline. And that can result in longer processing times and possible refund delays.
The IRS is Not Your Enemy
Like a “Dutch Uncle,” The IRS makes its special recommendations for you if you are procrastinating against the tax deadline clock at this point.
- Did you know the IRS even has a free “do-it-yourself” software program on its website?
- Of Course, you must file electronically because tax software can easily flag potential errors.
- Did you know it can also do the math for you and alert you if there’s missing info?
- Perhaps the ultimate benefit for late-filer is the fact you’ll get an acknowledgment from the IRS that you’ve filed your return, soon after you submit it.
Our Terrific Take-Aways for Last Minute Tax Filers
Even if you have never used a tax accountant’s services previously, this could be your year to do so. With the new federal tax laws, Gavrilov & Co have been seeing many clients who have never before used tax specialists.
- Remember the IRS itself warns us that a careless error could end up costing you money.
- Sadly, some taxpayers will undoubtedly take hits of penalties and charges.
Typically, a visit with a professional accountant could have prevented those expenses.
Watching Out for You: We’ll Guard You against the Common Mistakes
The Gavrilov & Co tax squad will help you proof-read your tax returns in meticulous detail.
- We won’t let your refund get delayed due to math errors, incorrect social security numbers or
- Most commonly, we see taxpayers using the wrong status.
- Likewise, we have seen rushed tax filers forget to report parts of the income. Thus, (in spite of the impending tax deadline clock,) devote ourselves to scrutinizing your forms securing you against the typical errors.
As the Tax Deadline Clock Sounds the Alarm…
Most individuals probably know that if you need more time to prepare your taxes you can obtain an extension. But are you aware that an extension to file doesn’t mean you have a have an extension to pay? “You must make your best estimate of what you owe and pay by the deadline. “
visit IRS.gov.
To get an extension, you will need Form 4868, which, predictably, is called “Application for Automatic Extension of Time To File U.S. Individual Income Tax Return.”
A Special Note on The Tax Extension Topic:
According to the IRS, if you pay “all or part of your estimated income tax due and indicate that the payment is for an extension using Direct Pay.
You can also use the Electronic Federal Tax Payment System (EFTPS), to make your payment. Now, if you pay it either of those 2 ways, you will not need to file a separate extension form for time to pay.
Alternatively, you could use a credit or debit to pay your estimated IRS debt.
A Few More Hot Tips to Help You Beat the Tax Deadline Clock: Check Before You Click Send or Mail Your Papers
Remember to retain copies of every document you send to the IRS. Plus, watch out for these two easy errors which can cost you time and money.
- Did you write your Social Security number, form number and tax year on the face of any checks you made payable to the United States Treasury?
- If you worked for more than one employer, did you check to see if you can claim a credit for any overpaid Social Security taxes from your wages?
And last, but certainly not least, be sure you have signed your tax forms. All of these hot, sizzling details must be checked fastidiously. Now, do not be shy if our checklist daunts you as the tax deadline clock ticks down. Just give the Gavrilov & Co Tax Squad a call. We have answers. And we might save you some money.