26 Oct Tips to Ensure Your Extended Tax Return Is Filed by October 17
If you filed for an extension on your tax return in the spring, your new deadline is approaching quickly. Filing a tax extension provides you with an additional six months to prepare and file your return, but if that time has passed more quickly than you anticipated, you’re not alone. Many taxpayers find themselves rushing to get their returns filed before the extension deadline, and some may still miss their new deadline altogether. Here are some tips to help you ensure that you’re prepared to file before the tax extension deadline on October 17.
Get Your Documents in Order
One of the most time-consuming steps for many taxpayers is finding and assembling all of the documents needed to file their return. Putting together all of your relevant financial documents for the entirety of 2021 can certainly seem like an overwhelming task, but it’s not something you can avoid. You will need appropriate documentation to fill out your tax forms, as well as to support the numbers you put on your tax return should you be audited by the IRS.
Because every person’s financial situation is different, there is no set list of financial documents you’ll need to prepare your return. However, here are some of the most common types of documents taxpayers need to file:
- W-2s for all income earners
- All 1099s (This may include 1099-MISC if you’re self-employed, 1099-G if you’re unemployed, and/or 1099-DIV if you earned dividends on accounts in 2021, among others.)
- K-1s for businesses in which you are a partner
- 1040-ES for estimated tax payments made in 2021
- Income and expense records for rentals
- Receipts for deductible expenses (charitable donations, business expenses, etc.)
If you’re unable to find documents that you need, you may still be able to get copies of them by contacting whichever entity would normally supply you with that form. For example, if you can’t find your W-2, you can reach out to your employer; if you’re unable to find your 1099-DIV, you can reach out to your financial institution. In some cases, you may be unable to get copies of these documents in time to file, and you will need to use other documentation to fill out your tax return. If you lost your W-2, you could use paystubs from 2021 to complete Form 4852, and submit this in place of your missing W-2, for example.
Whatever documents you need to file, you should start to compile them right away so that you’re able to start filling out your tax return as soon as possible. If you’re uncertain what documents you need, reach out to our Provo tax preparers for help.
Double Check All Personal Information
While this might seem simple, it’s important to note that many people make mistakes when rushing to file before the deadline. Incorrectly entered Social Security numbers and birthdates, or misspelled names and addresses can quickly get your return rejected, so take the time to double check that all the personal information you provide is accurate. This includes:
- Social Security numbers for yourself and all dependents
- Birthdates for yourself and all dependents
- Your current address (especially if you’ve recently moved)
- Routing and account numbers for direct deposit of refunds
Additionally, ensure that you’re not claiming any adult children as dependents who may be claiming themselves on their own tax returns.
Reach Out to Your CPA
When you’re down to the wire on filing your return, one of the best things you can do is get the support that you need to file quickly. Our team of experienced CPAs and tax preparers can help you to determine what documents are missing for your return, and get your forms completed and filed as soon as possible. We provide a secure client portal so that you can digitally provide copies of your forms as quickly as possible, and we will also file electronically to ensure that your return is received by the IRS sooner rather than later.
If you haven’t yet filed your tax return, contact The Accounting Guys today to get help preparing your return before October 17.