Last-Minute Tax Filing Tips: What You Need to Know Before April 15
April 15 is right around the corner, and if you haven’t filed your taxes yet, don’t panic! There’s still time to get everything in order, but waiting until the last minute increases the risk of errors, missed deductions, or unnecessary penalties.
At Simply Balanced Accountants, we’re here to help late filers navigate tax season smoothly and avoid costly mistakes. Whether you need a last-minute tax strategy or an extension, here’s what you need to know before the deadline.
1. Gather Your Documents Now
Before you start filing, make sure you have all the necessary paperwork. Missing forms can delay your return or cause mistakes that trigger an IRS notice.
📌 Essential Documents:
✔️ Income Forms: W-2s, 1099s (freelance, gig work, rental income, etc.)
✔️ Deduction Records: Charitable donations, student loan interest, mortgage interest (Form 1098)
✔️ Self-Employment Expenses: Business expenses, mileage, home office deductions
✔️ Retirement Contributions: IRA or HSA contributions (you can still contribute until April 15 for 2025!)
✔️ Investment & Capital Gains Info: 1099-DIV, 1099-B for stocks, crypto transactions
Tip: Check your mail and emails for digital tax forms—many companies send them electronically.
2. Use Every Deduction & Credit You Qualify For
The biggest mistake late filers make? Leaving money on the table. Make sure you're claiming all eligible deductions and credits.
💡 Common Deductions & Credits You Don’t Want to Miss:
✅ Earned Income Tax Credit (EITC) – Worth up to $7,430 for low-to-moderate-income earners
✅ Child Tax Credit – Up to $2,000 per qualifying child
✅ Student Loan Interest Deduction – Deduct up to $2,500
✅ Home Office Deduction – If you work from home as a freelancer or business owner
✅ Medical Expenses – If your expenses exceed 7.5% of your income
🚨 Many deductions require receipts or proof of expenses, so keep records organized!
3. Double-Check for Costly Errors
Rushing through your return can lead to mistakes that delay refunds or trigger IRS audits.
🔍 Common Filing Errors to Avoid:
❌ Wrong Social Security numbers – Triple-check that yours and your dependents' SSNs are correct.
❌ Missing income – The IRS receives copies of your W-2s and 1099s—make sure everything matches.
❌ Bank account mistakes – Enter incorrect direct deposit info, and you could delay your refund by months.
❌ Not signing your return – If you paper file, an unsigned return is invalid.
4. File an Extension If You Need More Time
If you know you can’t file on time, you can request a six-month extension (until October 15). But there’s a catch—an extension to file is NOT an extension to pay.
📌 What to Do If You Owe Taxes:
✔️ File Form 4868 to request an extension before April 15.
✔️ Estimate your tax bill and pay at least part of what you owe to avoid penalties.
✔️ Set up a payment plan with the IRS if needed.
Tip: If you expect a refund, there’s no penalty for filing late—but you won’t get your refund until you file!
5. How Simply Balanced Accountants Can Help Late Filers
Feeling overwhelmed? You don’t have to do this alone. At Simply Balanced Accountants, we specialize in helping last-minute filers avoid costly mistakes and maximize their refunds.
✔️ Expert Review – We’ll ensure your return is accurate and optimized for deductions.
✔️ Filing Assistance – Whether you’re self-employed, a small business owner, or filing as an individual, we’ll get your taxes done correctly.
✔️ Extension Filing – Need more time? We’ll handle your extension request and estimate your payment.
✔️ IRS Support – If you owe taxes or received an IRS notice, we’ll help you navigate next steps.
📞 Call us today: 517-897-2144
📧 Email us: connect@simplybalancedaccountants.com
🌐 Visit our website: www.simplybalancedaccountants.com
Don’t let tax season stress you out—contact us now and let’s get your taxes filed before the deadline! ⏳💰
