We are now getting down to the wire for filing taxes, and that means a lot of people are scrambling to get things done. If you are getting a refund, you will have to wait considerably longer for the refund than if you would have done your taxes a month ago (or even a couple of weeks ago). If you will have to pay this year, you have done the right thing to wait until the last minute, but hopefully you have also used that time to save up to cover the expenses.
Whatever your situation, here are the things you need to make sure to do as you prepare to file.
– Verify the expenses you entered at least once, preferably twice. You need to make sure that you have included everything in your taxes so that they are accurate and audit proof.
– Print the worksheets for your records (or store an electronic copy and make sure to back it up). If you get audited, you will need to see what you claimed and why.
– Compile all of the documentation and store it in a single location. This means having a copy of the taxes you submitted, the worksheets, W-2s, receipts, and supporting documentation. It likely took a while to get it all into one place to finish your taxes, so just keep it together when you file. This will make it so much easier to manage if you are audited, or at the very least it can help you next year when you have to do it again. I have found that going back over our previous tax return ensures we get the best tax breaks. There are always a couple of things we forget, and having the documentation there is a great reminder.
– Sign the document. This one seems obvious, but it is very common for people to miss this important step in the rush, and this late in the season such an omission can be costly.