How to Deal With Last Minute Income Tax Prep

income tax formsIt is estimated that around 20 percent of Americans wait until April to file their returns. This can be a recipe for costly mistakes because taxes are complex under normal circumstances and things only get tougher when you add a time crunch to the mix. However, with April 18 just around the corner, there are a few things you can do in order to get it right. Not only that, Tax Matters can help.

Have an Income Tax Prep Plan

First and foremost, you should make a list of what needs to be done and which documents you need to collect for your income tax prep. This includes all W-2s, 1099s, and other withholding information. You also need to estimate how long it will take to complete each task. This will enable you to schedule everything that needs to be done before your return is due. Additionally, you need to make an educated decision about whether to go for the standard deduction instead of seeing what itemization would get you. Keep in mind that the easy road is not always the cheapest.

Once you realize how difficult collecting documents can be, you should keep this in mind for future tax returns. You should adopt a filing system that includes keeping track of pay stubs, receipts, and any other information you will need so that you do not have this stress again next year.

Avoid Income Tax Prep Scams

As the time you have to file decreases, the scammers and the ways they try to part you from your money and steal your id seem to increase. Therefore, you are reminded that the IRS will never send you an email as a way to request information. The IRS has also openly stated that they will never call a taxpayer to collect a debt. Correspondences will arrive in the mail as official documents. In addition, you can also sign up for free credit monitoring in order to ensure your personal information is not misused and make it a policy to never give financial information to anyone who contacts you whether it be by phone or email.

You can always file an extension, as long as you have something in the mail by April 18.

Contact an Expert Today

If all this work seems like too much to handle you may be better off visiting our experts at Tax Matters. If you are the El Paso area and are in need of income tax prep assistance, contact Tax Matters for assistance. We have been serving the area since 1988. You may need to wait in line, but once we get started on your return the process should not take more that an hour or two. Contact us today for more info.