Don’t Panic: Last-Minute Tax Tips Before April 15
You’re not late—you’re right on time.
If you’re scrambling to get your taxes done, take a breath—you’re not alone, and you’re not out of options. There’s still time to make some smart moves before the April 15 deadline, and if you’re truly not ready, filing an extension is easier than you think.
Here are a few last-minute tips to save time, money, and maybe even your sanity:
1. You Can Still Make Contributions (and Save!)
Even this close to the deadline, you can still make contributions to certain accounts that might lower your tax bill:
• IRA Contributions: You can contribute to a Traditional or Roth IRA up to April 15 for the 2024 tax year. Traditional IRA contributions may be tax-deductible depending on your income.
• HSA Contributions: If you have a Health Savings Account, you can also make contributions for 2024 up until April 15. These contributions are deductible and grow tax-free when used for qualifying medical expenses.
Not only do these help reduce your tax liability, but they also help build your future financial security. Win-win!
2. Filing an Extension Isn’t a Bad Thing
If you’re just not ready to file—missing documents, too much going on, or simply overwhelmed—you can request a 6-month extension to file your return.
Here’s what to know:
• It’s easy to do. You can file IRS Form 4868 online or through tax software in just a few minutes.
• It gives you until October 15 to file your actual return.
• It does NOT give you more time to pay. If you think you owe taxes, try to pay what you can by April 15 to avoid interest and penalties.
Extensions are common and totally okay. It’s better to file later and accurately than rush and make mistakes.
3. Avoid These Common Last-Minute Mistakes
When time is tight, it’s easy to slip up. Here are a few things to double-check before you hit “submit”:
• Incorrect personal info (misspelled names, wrong SSN, or bank info).
• Missing forms like W-2s or 1099s. The IRS gets copies too—if you forget something, they’ll likely catch it.
• Math errors or skipped deductions. Don’t leave money on the table by rushing through credits or deductions you might qualify for.
• Missing your signature! If you’re paper-filing, don’t forget to sign and date the return. It won’t count without it.
Taking just 10 extra minutes to review your return can save you hours of fixing things later.
4. Can’t Pay? Don’t Ignore It.
If you owe taxes but can’t pay in full, still file your return or an extension by April 15. Why?
• You’ll avoid the failure-to-file penalty, which is much higher than the failure-to-pay penalty.
• You can work out a payment plan with the IRS.
• Filing something keeps you in good standing—and prevents unnecessary stress later.
5. Still Feeling Overwhelmed? We’re Here to Help.
Tax Day might be April 15, but Simply Balanced Accountants is here for you year-round. Whether you need help filing an extension, sorting out your documents, or creating a game plan for the rest of the year, we’ve got your back.
Need help now?
Reach out before the deadline, and we can help you file or extend with confidence.
Need help later?
Let’s talk about tax planning, amending returns, or making next tax season way less stressful. We’re not just here for April—we’re here to help all year long.
You’re doing great. Finish strong—and if you need support, just reach out.
Leslea Burnett-Little, EA
Simply Balanced Accountants
2018 Cedar St., Suite C, Holt, MI
517-897-2144
connect@simplybalancedaccountants.com
