Filing your tax return can be stressful. Not many people look forward to the process of gathering all their documents and preparing their return or going to a tax preparer. If you are prone to procrastination, it can be even worse. The pressure mounts as the deadline looms, and the dread of filling out all the forms and trying to understand the tax code is intense.
The truth is, putting off filing your tax return doesn’t help. And missing the filing date can set you up for bigger problems down the road. However, there are easy solutions. You can reduce the stress of filing your tax return by taking some simple steps to prepare.
Why File a Tax Return?
Some people file tax returns and pay their taxes because they feel an obligation to do their fair share to support our country. For many others, filing a tax return is more about getting a refund, claiming a credit or avoiding breaking the law.
Despite their best intentions, there are times when normally law-abiding citizens miss a tax filing deadline or fail to file a tax return. According to research done by the IRS, sometimes this is related to a separation, divorce, death of a spouse or another event that would cause the taxpayer’s filing status to change. The reason could be financial, emotional or just an oversight. Or it could just be procrastination that causes them to miss the filing deadline.
If you are worried about missing the upcoming filing deadline, or if you’ve already missed filing a return in past years, don’t panic. CPA Services of Florida not only helps people file tax returns, we can help resolve tax issues, such as catching up on unfiled tax returns and settling tax debt.
Tips for Filing Your Tax Return on Time
- Communicate with Your Tax Professional Early – Prepare for tax filing season by contacting your tax professional. At CPA Services of Florida, we work year-round, so we are available to help with tax preparation anytime. If you wait too close to the tax deadline, though, it may be difficult to schedule an appointment and get your return filed before the deadline. Even in those cases, we can file a tax extension for you and then follow up with filing your tax return.
- Locate your tax return from last year – You’ll need to have your prior year return on hand to verify your identity. The IRS has implemented this step to reduce identity theft and tax filing fraud. Avoid the procrastinator’s trap of scrambling at the last minute by making sure you have last year’s return ready. If we’ve prepared your tax return before at CPA Services of Florida, we’ll have last year’s information on file. That’s a great reason to trust us with filing your tax return year after year! If you did not file a tax return for the previous year, all hope is not lost. You can still file a return now for the previous year, and we can help. You may owe penalties and interest, so the sooner you address the problem, the better.
- Keep All Forms Together as They Arrive – Gathering all the needed information is a challenge, even if you aren’t a procrastinator. Avoid the last-minute panic by staying organized in the months leading up to tax season. Designate a place to keep the important paperwork that arrives in the mail and a specific file for your digital documents.
What to Do if You Miss the Deadline to File Your Tax Return
Even the best laid plans can go astray. If you miss the tax filing deadline or aren’t ready to file your tax return on time, you can file an extension. You can do this yourself using tax preparation software online, or you can call CPA Services of Florida for help. An extension will get you six months of additional time to file your tax return.
However, if you think you are going to owe taxes, you should still make a payment to the IRS to avoid paying penalties later. Having your previous year’s return will be a big help here. If you owed the previous year, you should make a payment of at least that amount. We can advise you in this area and help you avoid owning extra penalties to the IRS.
CPA Services of Florida
CPA Services of Florida offers proactive accounting services to steer you through bookkeeping, tax planning and preparation, financial statements audits and more. We have more than 30 years of experience in accounting and small business consulting, and we are here to help with your business and personal accounting needs. Call us for tax help today at 941-924-1120.