Kitchen Table Economics

Are you prepared for Tax Day?

Wednesday, April 15 is Tax Day. This is the due date for individual income tax returns to be submitted to the federal government. While we are still weeks away, this day will be here before we know it. Last year, the IRS reported that about 50 million people still hadn’t filed by the deadline. To avoid last-minute submissions, make sure you’re prepared.

Time management is key. Start by making a list of what needs to be done and approximately how long each step will take you. Doing this far in advance will save you added stress on April 15th.

Additionally, make sure all paperwork is completed and organized for accurate and easy filing. Be sure to prepare all documents for the current year, these include your Social Security card, your W2/1099 form or income statement, bank account information, and the prior year’s tax return for comparison.

If you do find yourself approaching the deadline but you are unable to file, the IRS recommends that you apply for an extension.

Finally, as you do submit your tax returns, be mindful there are no spelling, math, or filing status errors. Returns with inaccuracies will take longer for the IRS to process.

During tax season, being over-prepared will lessen your stress when April 15th arrives. As Benjamin Franklin said, “By failing to prepare, you are preparing to fail.” Happy filing!