How to Avoid Last-Minute Pitfalls in Tax Filing

Tax Filing

Published: 05/30/19

How to Avoid Last-Minute Pitfalls in Tax Filing

Many businesses and individuals wake up to fulfill their tax duties just one or two weeks before the tax filing deadline. Some people are even more reckless in this regard. They literally go to the last minute in filing taxes. Experts from any tax preparation firm would suggest you take care of your filing in advance in order to avoid that last-minute frenzy that also often results in lost opportunities and penalties.

But if you are going to file taxes at the last minute for any unavoidable reason, then read on this article because we are going to discuss some pitfalls that you should avoid in that scenario.

Recognize that You Are Not Going to Pull it Off

If you are working under the wire and there are still many things left to sort out, then it is better to file for an extension with the IRS instead of filing an incomplete and full of errors returns. Such a messed up situation comes to pass when businesses don’t take care of their bookkeeping in a professional manner. It’s better late than never. You can get any good tax preparation firm onboard after requesting the extension.

Don’t Go for Itemized Deductions for Tax Filing

If you are working out your tax filing at the last minute, then it would be better to file for standard deduction (if applicable) instead of itemized deductions. In a tight time window, it is not easy to sort out the accumulative itemized deduction that you can avail of. However, if you have taken care of bookkeeping and accounting of your account from the beginning, then you might able to manage to file for itemized deductions for better benefits.

Work with an experienced tax preparation firm if you can’t decide what type of deduction will be more lucrative in your particular taxation case.

Besides these two important things to take care of while filing tax at the last minute, also remain mindful of these trivial issues.

Not Putting Up the Signature

IRS also says that it is the most common mistake. Even though it’s not usually intentional or entails any mischievous design, but it still halts the entire tax return process.

Forgetting to Attach All the Relevant Forms for Tax Filing

Leaving off a form W2 or any other relevant document is also a pretty common mistake that people make when they hastily file taxes.

My Count Solutions with its bookkeeping and tax preparation expertise can help you in getting around all those last-minute tax filing pitfalls.

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