4 Tips to Help Ensure You Don't Miss the Tax Extension Deadline
The weather is cooling down, and that means another important tax date is approaching. If you filed for a tax extension in April, your new deadline for filing your return is now October 17th—just two weeks away. For those who haven’t filed yet, that deadline is looming close, and it’s extremely important that you not miss it; there are no additional extensions available for your 2021 tax return. If you haven’t filed your return, keep reading to learn 4 important tips that can help you ensure you don’t miss the tax extension deadline.
Go Over Your Documents and Find What’s Missing
Usually, one of the biggest hang-ups people have with getting their tax return filed is getting all of the documents gathered and ready to go. So, the first step you’ll need to take to ensure you’re ready for the deadline is to start getting those papers together. The exact documents you need will vary depending on your income sources and the deductions you’re planning to take, but here are some common ones that you’ll want to have on hand:
- 1099s (may include 1099-G, 1099-MISC, 1099-DIV, etc.)
- Mortgage interest statement
- Expense receipts
- SSNs for all dependents
- Financial statements for your business
- K-1s for any businesses in which you are a partner
- 1040-ES (if you made estimated tax payments for a business during the year)
- Records of income and expenses for rentals
- State tax refund
If you’re not sure what documents you need to file your tax return, it’s best to consult with a CPA. We can go over your income and expenses and let you know which documents you still need to gather in order to file your return on time.
Double Check Personal Information
Simple mistakes are much more common when you’re rushing to meet the tax deadline. Don’t get your tax return rejected simply because you mistakenly put in some personal information correctly. Make sure that you double check all of the following information when filling out your tax forms:
- Social Security number and date of birth for yourself and all dependents
- Routing and account numbers if using direct deposit for a tax refund
- Your address
- Number of eligible dependents (ensure that older children are not trying to claim themselves at the same time you try to claim them on your tax return)
While this might seem like information you would know by heart, you’d be surprised how many people make mistakes in these areas. Ensure you have all of the correct information before filing your return.
File Your Return Online
When you’re down to the last-minute crunch of a tax deadline, it is always better to file your return online than to try to file by mail. Yes, your mailed tax return simply has to be postmarked by the deadline, not received by the IRS by that date. However, e-filing is still faster and easier, and provides you with a confirmation that your tax return has been submitted.
While many e-filing programs are available that you can use on your own, note that CPAs can e-file for you as well to get that tax return in to the IRS faster. That brings us to our final point.
Work with a CPA
With the deadline hanging over your head, you really can’t afford to have any more delays on your tax return. Your best option for meeting the deadline is to contact a CPA to get help with preparing and filing your return. Our experienced tax preparers can quickly assess your financial information to determine what additional documents are needed, help you find all of the deductions you qualify for (even in a time crunch), and get your return filed quickly.
If you haven’t yet filed your 2021 tax return, contact Camputaro & Associates today to schedule an appointment with one of our CPAs. This time of year can be quite busy for our tax professionals, so we encourage you to reach out as soon as possible to see how we can help you get your return filed before October 17th. We also encourage you to assemble as many financial documents as you can prior to your first meeting with your CPA, so we can get to work on filling out your tax return as soon as possible. Contact us today to speak to one of our associates and receive guidance on what documents and information you should gather before our first meeting together.
Camputaro and Associates
Certified Public Accounting Firm
136 N. Orchard Street, Suite 8
Ormond Beach, FL 32174