Time is running out for those who filed personal tax extensions in order to have more time to organize their return. It’s important to not miss the due date for tax extensions as not having the return in by October 15 can incur penalties. Following are some tips to help you get organized to finally file your personal taxes for the year and be done with the entire enterprise until next year:
- Start getting together all of your financial documents now. This gives you the opportunity to identify information that is missing.
- Organize your income documents into their own separate pile. W-2s into one pile, 1099s into another and anything else that shows income.
- Get out your tax return from the previous year. You can use it to check for anything that you are eligible to take advantage of this year, such as deductions and credits.
Take your time and go through each step of the process slowly. You may feel that time is starting to run out, but rushing through the return can cost you in the form of credits that you are eligible for and may otherwise miss. If you feel that your return is too complicated to do on your own, contact a tax professional for help.
Are you in the greater Phoenix area and in need of financial services? Contact Phocus Companies today to talk to an expert about your situation.
