Finance & Enjoyment Blog

Tax Day Tips to Get You through Tax Day

The countdown has begun! We’re quickly approaching the filing deadline for your 2014 taxes. Although we love tax day, we know the majority of people don’t share our affinity for tax season. Each year, tax payers are more apt to make mistakes in the final month before the tax deadline because they are scrambling to get earnings statements, receipts and more organized to avoid penalties and to maximize their deductions and credits. If you are in this position, you’re not alone. Typically as many as 28% of Americans wait until April to file. In an effort to help you navigate tax season this year, here are some of our tax day tips:

1. Get organized with the KKB Tax Return Organizer

Our step-by-step organizer walks you through all the critical information you need to gather and have at your fingertips to be organized for your tax appointment or to complete your tax forms.

2. Don’t miss out on credits and deductions

When you are pressed for time to file, you could lose out on hundreds (even thousands) of dollars by overlooking credits you’re eligible for. Many people skip education credits and other kinds of benefits because they don’t know what to look for or know those things could apply to them. That’s why it helps to rely on the expertise of a tax professional.

3. Avoid scammers and tax fraud

A good rule of thumb is if it sounds “too good to be true”, it probably is! Avoid impersonators by never disseminating financial information to companies that you didn’t approach first. When you work with a service provider, always make sure that you do some preliminary research to ensure their credibility.

4. Understand extension rules

If you’re really under the wire, file an extension to give you a six-month breather. This is a better option for you than filing on time with lots of mistakes. However, if you choose to file an extension through Form 4868, you still have to send in a check on April 15 if you owe taxes because this form extends your time to file, but it does not postpone your payment due date. If you don’t, you will face penalties and fees.

How to Use this Information

Preserve your sanity this tax season by following our tax day tips. For year-round financial management support, we are here for you! Please call 303-815-1100 or contact us online today!

How have you made it through tax day in the past when you were under the wire?

Posted in Your Financial House »

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