Ah, tax time is here and your taxes need to be filed Tuesday, April 18th.
So far, the IRS has received more than 90 million income tax returns, but that also means that there are still millions that have not been filed yet either.
Financial adviser James Wheeler who works with Northwestern Mutual in Raleigh says that the IRS normally receives 165 million to 170 million tax returns every year. There are steps people can take at this late stage to make sure they’re prepared for their tax appointment and filing.
“Be sure to have all of your tax forms together,” Wheeler said. “Any documents you get — such as a W-2, 1099, mortgage documents — you want to pull all of that together, even if you’re not sure what something is. Keep everything on hand to bring to your tax preparer.”
He also says it is important to write out or type out major changes that happened in your life from the previous year.
“Did you get married? Did you have a kid? Changed jobs? Donate to a new charity? Anything that changed throughout the year is good to share with your tax professional. They’re making sure they ask you the right questions and the last thing would be to work with a tax professional.”
He also says that filing late doesn’t mean that you should pay late!
“The IRS starts charging penalties one day after taxes are due. If you haven’t filed your taxes yet, you can work with a tax professional to decide how much to pay now and to look at options such as filing an extension or a tax payment plan to see what’s right for you.”
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