As April approaches, many Americans find themselves scrambling to gather their financial documents and file their taxes before the deadline. For those who have put off filing until the last minute, it’s important to know exactly when tax season ends and what steps can be taken to ensure a smooth and successful filing process.
When Does Tax Season End?
The deadline to file taxes for the 2021 tax year is May 17, 2021. This extension was put in place by the Internal Revenue Service (IRS) in response to the ongoing COVID-19 pandemic, which has caused financial hardship for many Americans. Taxpayers can also request a further extension to October 15, 2021, by filing Form 4868.
Tips for Last-Minute Tax Filers
1. File electronically
Filing your taxes electronically is quicker, more accurate, and less prone to errors than paper filing. The IRS requires all tax professionals who file more than 10 returns to do so electronically, which means that electronic filing is a reliable and widely-used option. Additionally, if you’re owed a refund, you’ll receive it much more quickly if you file electronically.
2. Get organized
Before you begin the filing process, it’s important to gather all of the necessary documents and forms. These include W-2s, 1099s, bank statements, and any other financial records from the past year. Create a checklist of these items and make sure you’ve collected everything before sitting down to file.
3. Don’t forget to claim deductions and credits
The tax code is rife with deductions and credits that can help lower your tax burden. Some of the most common credits and deductions include childcare expenses, education expenses, charitable contributions, and home office expenses. Make sure you’ve explored all of the options available to you and have claimed any applicable deductions or credits on your return.
4. Consider hiring a tax professional
If your tax situation is complex or you simply don’t have the time or inclination to file your own taxes, hiring a tax professional may be a good option. Tax professionals can help you navigate the tax code and ensure that you’re taking advantage of all available deductions and credits. They can also help you avoid errors and, in some cases, may even help you save money on your taxes.
5. File an extension if necessary
If you’re not going to be able to file your taxes by the May 17 deadline, it’s important to file an extension in order to avoid penalties. This can be done by submitting Form 4868 to the IRS. Keep in mind that an extension is only an extension to file, not an extension to pay. If you owe taxes, you’ll still need to estimate and pay them by the May 17 deadline to avoid penalties and interest.
6. Double-check your return
Before submitting your return, take the time to double-check all of the information you’ve entered. Errors or incorrect information can result in delays or, in some cases, even audits. Make sure you’ve entered your Social Security number and other identifying information correctly, and be sure to review all of your income, deductions, and credits.
7. Sign and submit your return on time
Once you’ve completed your return, sign it and submit it to the IRS. If you’re filing electronically, you’ll receive confirmation that your return has been received. If you’re filing a paper return, make sure to send it in with plenty of time to spare before the deadline.
In conclusion, tax season ends on May 17, 2021, but taxpayers can request an extension until October 15, 2021. Last-minute tax filers can take steps to ensure a smooth filing process, including filing electronically, getting organized, claiming deductions and credits, hiring a tax professional if necessary, filing an extension if necessary, double-checking their return, and signing and submitting their return on time. By following these tips, taxpayers can avoid penalties, reduce their tax burden, and ensure compliance with the tax code.
