Tax Day 2020: 5 Last Minute Tax Filing Tips To Wrap Up Your Finances

It is understandable how tedious the tax season can sometimes be. Between paperwork and catch up with pending bills, we usually procastinate our duties. According to TurboTax, approximately 25% of taxpayers wait until the last two weeks of tax season to file their taxes.

If you are part of that percentage, you are still in time to catch up and fulfill your duty as a citizen. While it is true that the deadline is today, July 15, 2020, if you follow these simple steps you could successfully maximize your refund.

Last-Minute Tax Filing Tips

1. Prepare and Organize

No need to panic! Start by gathering the documents you’ll need to file your taxes including W-2s, 1099s, expenses receipts, social security numbers, and bank account information. Check out this checklist to make sure you don’t miss important documents.

2. Snap a Photo

More than 6 million TurboTax customers filed their taxes on a mobile device last tax season. Save more time by downloading the app on your smartphone or tablet and snap a picture of your W-2. The W-2 Snap and Autofill feature uploads the information to the correct forms automatically eliminating data entry.

3. Get Help

If you are preparing your taxes in the 11th hour of the tax deadline and you still have tax questions, you can get your tax questions answered by tax experts who are CPAs and Enrolled Agents. You can connect live via one-way video to credentialed CPAs and enrolled agents exclusively through TurboTax’s SmartLook to get your toughest tax questions answered when you need it – for FREE! Bilingual experts are also available.

4. E-file with Direct Deposit

If you want to avoid errors and get your tax refund as quickly as possible, ditch the paper and pencil! Go online and e-file with direct deposit. You will avoid mathematical errors, and the IRS issues nine out of 10 federal tax refunds within 21 days of acceptance when e-file is combined with direct deposit.

5. File Even if You Owe

Remember going on extension only extends the time to file your taxes, but if you owe you are still required to pay what you owe. Even if you owe money you should still file and you can ask the IRS for an installment agreement to pay off what you owe when you file your taxes.