April 15th is around the corner, and if you haven’t filed your taxes yet, now’s the time to get it done. While it’s easy to put your taxes off, filing now can save you stress and late penalties that come with last minute filing. You've got this – we're here to help.
Here’s what to do in the final stretch:
Step 1: Gather Your Key Documents
You don’t need to be an expert to file your taxes, but you do need the right paperwork. Start by pulling together:
- W-2 or 1099 forms that report income from employers, freelance work, or side jobs
- Statements like student loan interest, mortgage interest, charitable donations, or child care
- Social Security numbers for yourself, your spouse, and any dependents
- Your bank routing and account numbers for direct deposit
- Last year’s return (if available) for reference
Having these available will make it easier when filing on your own or getting help from a professional or tax software.
Step 2: Choose How You’ll File
You have a few filing options, depending on your income and how complex your return is:
- IRS Free File: If you have an adjusted gross income (AGI) of $84,000 or less, you may qualify for the IRS Free File Program.
- Tax Software: Platforms like TurboTax, H&R Block, and TaxSlayer offer online filing with step by step guidance with free options for simple returns.
- In-Person Help: The IRS’s Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) can also provide free help. You can search for a nearby location on their websites.
- Hire a Professional: If your taxes are complex, a CPA or licensed professional can help file your return for a fee.
If you're mailing a paper return, make sure it's postmarked by April 15th to be on time.
Step 3: Estimate What You Owe or Expect to Receive
Even if you haven’t completed your full return, it’s a good idea to get an estimate. Knowing whether you’ll owe or receive a refund can help you plan for your finances in the weeks ahead.
A Quick Note About Extensions
If you are unable to file by the deadline, you can request a free six month extension using IRS Form 4868. This gives you until October 15th to file your return.
It’s important to understand: an extension gives you more time to file, but not more time to pay. If you expect to owe taxes, you must still submit a payment by April 15th to avoid interest and penalties.
Why Filing Now Matters
Filing your taxes on time can help you avoid late penalties and interest, especially if you owe money to the IRS. It also ensures you receive any refund you’re entitled to as quickly as possible. Staying current with your taxes keeps your financial records up to date making it easier for future applications. This could mean applying for loans, financial aid, or credit later on, as these often need proof of income. Taking care of it now puts you in a stronger position for whatever comes next.
Final Thoughts
You don’t need to have every detail sorted to start the process, but you do need to take action. There’s still plenty of time to file and avoid the last minute scramble. Take the first step today, and check it off your list.
Keep the Momentum Going
Now that tax season is behind you, it’s the perfect opportunity to refocus on your financial goals for the rest of the year. Our blog post, Seven Financial Steps You Should Take in 2025, outlines smart and practical money habits. Whether you're saving, planning, or looking to feel more in control of your money, we've got you covered.