This text is printed with permission from our associate TaxAct. File your freelance taxes with confidence utilizing easy-to-use tax software program. Freelancers Union members obtain a 25% low cost on federal and state submitting prices with our unique low cost.
Is that this the primary yr you’ve filed a tax return extension? Listed below are some issues to contemplate earlier than the October 16, 2023 renewal interval expires.
1. E file for sooner refund.
In the event you suppose you will get a refund after submitting, the quickest option to get your cash is to submit your tax return by way of electronic mail utilizing trusted tax software program. In the event you fill out your return by hand and mail it in, it should take for much longer to get into the arms of the IRS for processing.
The choice to have your refund despatched instantly is one other option to scale back the time it takes to obtain your cash. In the event you use tax software program, simply add your checking account info on the finish to have your cash deposited straight into your account.
That will help you select the best tax software program, search for these key options:
- Precedence safety – Trusted tax software program protects your private info by implementing acceptable safeguards, procedures and practices for each bodily and on-line safety. This consists of processes reminiscent of identification authentication, strict monitoring, information encryption and cost compliance to maintain your credit score or debit card info safe. Do your analysis to verify the software program you select is thought for maintaining your non-public info non-public.
- pricing – You should not need to pay a premium value to get premium service, which is why it is best to check your choices to ensure you’re not paying extra for submission than it’s a must to. Some do-it-yourself software program suppliers provide precisely the identical providers as the large guys however value much less.
2. Reap the benefits of IRS cost plans.
Candidates who’re confronted with a tax invoice after finishing their tax returns can use the IRS’s cost plans. The company affords each short-term and long-term plans, so you possibly can select which possibility works finest to your scenario. Pay as a lot as you possibly can initially, then join a plan so you possibly can keep away from late cost penalties.
Discover out what’s required to arrange an IRS cost plan by way of TaxAct®.
3. Keep away from penalties by submitting sooner somewhat than later.
Submitting an extension within the warmth of tax season can actually assist alleviate the same old stressors related to finishing your tax returns, however that additional time can even create a behavior of procrastination. That is very true while you think about all of the distractions that come throughout the summer season months. Earlier than you already know it, the October 16 deadline is upon you, and you need to try to strike the clock once more.
Sadly, on this situation, candidates nonetheless typically miss the deadline and face late submitting penalties. We suggest avoiding this last-minute rush and discovering time to submit nicely earlier than October sixteenth. This provides you adequate time to finish your return with ease and avoids widespread submission errors that happen below stress.
Take into account this your pleasant reminder to finish your return quickly!
That is your final likelihood to file your tax return earlier than penalties are imposed. Which means it’s a must to get it proper or threat dropping your hard-earned cash. When coming into info out of your tax varieties, paperwork, and receipts, take some additional time to double-check your entries.
Double examine all numbers to verify they’re right. Double-check your private info, reminiscent of names, dates of start, and social safety numbers, to ensure you have not made a typo or forgotten a beloved one.
5. Save your tax return.
The IRS strongly recommends that every one taxpayers make a copy of their tax returns annually. You probably have a duplicate helpful, you possibly can amend the earlier yr’s declarations and submit them extra simply the subsequent yr.
Additionally, by taking the time to assessment your tax return, you possibly can be taught lots about enhance your tax rating in your subsequent submitting.
6. Possibly you even have extra time.
If you’re a member of the navy or have lately served in a fight zone, you usually have extra time to submit. After exiting a fight zone, navy personnel sometimes have not less than 180 days to file their tax returns and pay any taxes due.
Professional Tip: Lively responsibility navy and reservists can apply totally free with any TaxAct product.