Monday, October 15 is the last day to submit your tax returns if you filed for an extension back in April. Time is running out, and these three tips can help you avoid costly penalties – by making sure you submit your taxes on time.
If you filed for an extension, don’t worry – there’s still time
This year nearly 14 million Americans will apply for a tax extension to receive an additional 6 months to file their taxes. The October 15 deadline is quickly approaching, and the pressure is on to get those state and federal returns in on-time.
There are many reasons why people need to file an extension. Big financial changes, new businesses, and travel outside the US at tax time, can all be factors in needing more time to file. Members of the military serving in combat zones and people affected by natural disasters can automatically receive extra time to submit their taxes.
Get all your information together
Often people file for an extension because they do not have all their financial information available at tax time. This can include lost W2s, waiting on new income information, changes in marital status, litigation, or updates to savings plans (401k, IRA).
No matter the reason, now is the final call to make sure all your tax information is accounted for and documented properly. For people who work independently or own their own businesses, getting all the right documentation at the right time can be a common blocker. Small businesses can rely on Mint and QuickBooks to keep important financial information organized and at the ready.
Meet the October 15 deadline by e-filing
Filing taxes is already a complicated process, but on a time crunch it can be even more stressful. Completing and mailing in paper tax returns is time-consuming and may delay your filing. Delays can result in penalties and added interest on your payment.
With the deadline getting close, the fastest solution is to electronically file your tax returns as soon as possible. Not only does TurboTax e-filing speed things up, it also walks you through the process step-by-step, making sure you cover every detail of your tax return. You can then track your return online or through the TurboTax mobile app to follow your refund.
Still blocked? People are here to help
If you file with TurboTax, experienced tax professionals are available to offer guidance and answer questions. With Video chat you can speak directly to an expert one on one. You can access the Frequently Asked Questions for answers to common problems.
There’s also a community of your peers ready to help! Join the TurboTax Community to get great real-life advice, find timely articles, and share your experience.