Time is running out to file your 2017 tax returns. With the April 17th deadline quickly approaching, procrastinators everywhere are scrambling to submit their paperwork on time.
Does this sound like you? Don’t panic. Take a deep breath and follow these three last-minute tax tips from the professionals at American Investment Planners, LLC…
Take your time.
Better safe than sorry. The old adage holds true when submitting your tax return. Even if you are filing last-minute, it’s important to take your time when preparing your paperwork. Rushing through increases your chance of making a mistake, which increases your chance of an audit. Some of the most common last-minute errors include:
- Mathematical mistakes
- Misspelling names
- Entering the wrong social security number(s)
- Failure to sign or date your return
File faster online.
Submitting your taxes online offers tons of benefits. It’s quick, easy, allows for faster refunds, and can even help minimize mistakes and maximize deductions. Last-minute filers will love the ability to submit their returns during the waning hours of Tax Day, after post offices have closed. Not to mention, it’s nearly impossible to schedule a meeting with a professional tax preparer this late in the season.
Consider filing for an extension.
If you feel that there is no way you can get your taxes submitted by the April 17th deadline, you can always apply for an extension, pushing the due date back to October 16th. Beware, if you owe money to the IRS, you will still need to pay your debt before April 18th. An extension on your paperwork is not an extension on your bill. You can learn more about the advantages and disadvantages of applying for a tax extension by clicking here.
American Investment Planners, LLC proudly employs a team of professional tax planners and advisors to help with all of your financial needs. To schedule an appointment with one of our consultants, please call (516) 932-5130 or email info@americaninvestmentplanners.com.
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