What to Do If You’ve Been Putting Off Filing Your Taxes

Many of us complain about taxes, which is a duty we share as citizens. When tax season rolls around, it’s tempting to put off dealing with it, but delaying can cause unnecessary stress and isn’t a good idea. If you need more tax information, check out IPVA 2018.

Putting off important tasks like taxes can increase tension. Even if you’re not the kind to procrastinate, a busy life might have distracted you from filing your taxes. Regardless, taxes need to be done. Don’t worry if you’re behind or if you’re an international filer, there are options like the foreign earned income exclusion to help.

Here are some tips to help you manage your taxes and avoid last-minute stress:

1. Consider an extension: If you’re pressed for time, applying for an extension might be smart. This gives you an extra six months to file without penalty, but remember, you still need to pay your taxes during this period. Use the Profit and Loss form to estimate your tax liability.

2. Set up a payment plan: If full payment isn’t possible, don’t panic—there are several options available. You could look into a short-term payment plan, or if you’re facing financial difficulties, a payment extension might allow up to a year to settle your taxes. Estimate what you owe ahead of time to plan effectively.

3. Decide who will handle your taxes: For those with complex financial situations, hiring a professional can simplify things. Taxes can be daunting, but a skilled expert can make the process smoother and less stressful.

4. Gather your documents: Collect all necessary paperwork before you start. This includes W2s and 1099s that show your yearly income, plus any documents related to deductions or expenses like medical bills, childcare costs, and donation receipts.

5. Get started: The earlier you begin, the less stress you’ll feel. Submit your taxes promptly, keeping in mind that they need to be postmarked by April 18th each year to avoid penalties. You can file online or via mail.