Last Minute Tax-Filing Tips

Tax day is tomorrow! Have you filed your 2019 taxes yet? If so, great job! If not, no need to worry. We’re here to help with some last-minute tax filing tips and resources. 

Extensions 

Need more time? Although tax day was moved from April to July this year, you can request an extension here. While this doesn't exempt you from paying your taxes on time, it does help avoid any late fees. 

Filing Electronically 

If you’re getting ready to file your taxes, we recommend taking the electronic route. This year, there is a reported backlog of 4.7 million paper returns. Those who filed on paper will likely experience a long delay in receiving their refund. Find out about your eFiling options, like IRS’s Free File program, here! 

Your Stimulus Check 

Keep in mind that your stimulus money is not taxable for 2019, nor for 2020. The money was structured as a tax credit for the 2020 tax year, so you do not have to pay income tax on this money.

Getting Help 

While many volunteer sites shut down due to the pandemic, there are still some options available for those in need of assistance. AARP’s Tax-Aide is offering help via phone or online, along with some in-person appointments. The I.R.S.’s Volunteer Income Tax Assistance program can also help and be located here. 

What if I can’t pay my taxes?

Even if you file an extension, you’re not exempt from paying what you owe. But don’t panic, you still have options. The IRS advises you to pay as much as you can to avoid interest or penalties. Then, contact the IRS to discuss payment plans or extensions. 

Filing your taxes can be stressful, but getting started is often the hardest step. Good luck!