Your Guide to Surviving the October 15th Tax Deadline

TaxNow

03 Oct 2024

October 15th. For those of us who filed for a tax extension, it’s like a second Tax Day—the one we tried to avoid but now can’t escape. If you're facing this deadline with a mix of dread and confusion, grab your coffee and let's tackle this together.

Step 1: Gathering Your Documents

It’s time to face the mountain of paperwork. Start with the basics:

W-2s from your job

‍1099s from side gigs (fun fact: freelancing brings in cash and extra tax responsibilities)

‍Receipts for deductible expenses like medical bills, donations, and business expenses if you're self-employed.

You may also need forms from savings accounts or investments

* Pro Tip: Since it's after July, the IRS should have released your Wage & Income Transcript. Woo-hoo! That means you can use TaxNow to pull that handy document, which provides all the details from your W-2s and 1099s. Talk about saving time and avoiding a headache!

Step 2: To DIY or Not to DIY?

Now comes the big decision: Should you file on your own, or get some help?

DIY Filing: If your return is fairly straightforward, you might handle it yourself using tax software. It’s affordable, but be mindful—if things get tricky (especially if you’re filing a Schedule C for a small business), consider seeking some extra help.

‍Tax Professional: If you're dealing with complex tax situations, hiring a professional can give you peace of mind. They’re more expensive but can help maximize deductions, avoid mistakes, and save you money in the long run.

Step 3: Deductions—The Treasure Hunt

Deductions are where the magic happens! Here’s how to decide:

Standard Deduction: Quick and simple—just take the flat deduction amount.

‍Itemizing: If you’ve got bigger expenses like medical bills, mortgage interest, or major donations, itemizing may be the way to go.

Small business owners, don’t forget to account for your business deductions on your Schedule C!

Step 4: Filling Out the Forms (Almost There)

Once you’ve gathered everything, it’s time to fill out the forms. Whether you’re doing this on your own or with a pro, double-check your numbers—especially your social security number and income totals.

If things get confusing, don’t hesitate to consult a professional to ensure everything’s in order.

Step 5: Submit and Celebrate

Take a deep breath, check for errors one last time, and hit “Submit.” You’ll get a confirmation email, and—boom—you’re done! 🎉

Step 6: Keep Your Records

Before you completely relax, make sure to save copies of your return and all supporting documents. The IRS recommends keeping them for at least five years. Organize everything neatly (hint: avoid the shoebox method!) to make next year easier.

Keeping Your Tax Journey on Track

Filing taxes can be stressful, but you made it through! To make sure everything stays on track, use TaxNow to monitor your submission and any possible refund. TaxNow keeps an eye on your IRS account 24/7, so you’ll always know where you stand—not just on Tax Day, but all year long. That way, if anything unexpected comes up, you’ll be ready and can handle it with confidence.

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