5 Tips for Late Tax Filers to Become Happy Tax Filers
Some tax-payers among us are early payers, while most are late payers. For some or the other reason, we either forget or delay filing tax returns on time. Though it may be to our advantage in some ways, it poses many last minute hassles which may bewilder us. So, to save us from them, we should file taxes on time. And if it’s not possible, here are some tips for the late filers.
1. Use Internet for Filing
Filing online has so many benefits. Firstly it is recommended by the IRS. Secondly, it’s much easier as you are guided well by the software during the filing process. Some software tools even remind you things you might have forgotten. However, the most appealing reason you should file online is you are likely to save the tax preparation costs, minimum $100 per filing.
2. Avoid any Guesswork about Itemizing
Guesswork can cost you while itemizing. Devote time to include your charity donations and other such eligible expenditure. If you get a total that exceeds the standard deductions of IRS ($6,100 for singles and $12,200 for married persons filing together), you just lessen your tax bill!
3. Prefer Direct Deposit
When you get refund, you will get options like getting it deposited in your bank within 9 to 21 days or you will get a check in the mail, within 6 to 8 weeks. In that case, preferring the direct deposit is better anytime, because it will not only be faster, but also will rid you of the worry about the check getting lost or misplaced. The sooner you get the refund, the sooner you will be gaining interest on your hard-earned money.
4. Remember Losses too
Many late filers often forget about losses; but they should essentially be remembered because while income increases your burden of taxes, losses can decrease it. Losses eligible for tax reduction are expenses in small businesses which are higher than annual income, losses in gambling that are higher than winnings and losses in capital investment which are higher than gains.
5. Find a Good Tax Preparation Service
H&R Block is a world famous tax preparation company which offers tax preparation service all through the world. Find such an excellent tax preparation service like this. Also learn how to get a discount on H&R Block 2016 and you can save lots of money too.
All in all, you can become a happy tax filer if you use these tips, even if you file at the last moment. However, make it a point that filing early is anytime better!