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How To Handle Doing Your Taxes Last Minute

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<p>Normally, I am someone who gets their taxes done as early as possible. I don’t want any more trouble from the IRS or the State Department of Revenue. However, a few things happened this year and I’m having to file pretty late (aka the day before they are due). If you ever find yourself in this predicament, don’t worry. I’ve got a few tips to help you get by and get everything filed on time.</p>::Pexels

Normally, I am someone who gets their taxes done as early as possible. I don’t want any more trouble from the IRS or the State Department of Revenue. However, a few things happened this year and I’m having to file pretty late (aka the day before they are due). If you ever find yourself in this predicament, don’t worry. I’ve got a few tips to help you get by and get everything filed on time.

When is the Last Day to File Taxes?

This year, Tax Day is April 18. To meet the federal deadline for filing, you will need to have your taxes completed and postmarked by the end of the business day on April 18. For those who are e-filing (which most of us do these days), you need to have your taxes electronically submitted by end-of-business on April 18.

If you don’t feel like you’re going to meet the tax deadline, filing for an extension is always an option. Check out this helpful article on Saving Advice about what you need to file an extension.

Tips for Filing Last-Minute

I wouldn’t recommend anyone file at the last minute. Honestly, it’s stressful and the stress isn’t necessary. That being said if you’re okay with getting the filing done at the very last minute and off your plate, then there are some things you can do to make it a little easier on yourself.

  1. Get all of your paperwork together. You’ve probably been collecting tax paperwork over the last few months and it’s been staring at you, waiting for you to file. Get everything together and bring it to a spot where you can sit down and focus on filing.
  2. Create a calm, quiet space to get your filing done. This may mean having someone come to watch your kids for a couple of hours or having your spouse handle things around the house while you file the taxes. Put on some calm music, light a candle, and get started. (Save the wine for afterward.)
  3. Eliminate any distractions. Put your phone down and set it to silent. Turn your desktop notifications off. Just get the dang taxes done!
  4. Use an e-file service like TurboTax that reviews your returns. I’ve used TurboTax for several years. Not only do they make it easy, but they also have tax pros review your return before it gets sent in.
  5. Don’t stress about the small stuff. My grandfather used to say this to me all the time. If you’re really feeling the pressure, take the generic deductions or file for an extension. It’ll be alright.

As always, the best advice I can give anyone is just to breathe. You’ll get your taxes filed on time and everything will turn out okay if you approach it with a calm mind.

Happy filing, everyone!

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Getting Ready For Tax Day

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Getting Ready for Tax Day

I’ve talked about tax season on the blog before. As you know, the closer to Tax Day we get, the more anxious I become. However, this year looks a bit different for our family. Thankfully, I’m not feeling very anxious about filing this year and we should have all of our paperwork soon to get things done.

Anxiety Around Tax Season

If you’re like me and feel anxious around tax time every year, we are not alone! In fact, surveys have shown that at least 69% of Americans feel anxious around this time of year. The pressure differs from generation to generation too.

I happen to fall in the category of millennials. Seventy-eight percent of this demographic reports feeling anxious around tax time. Additionally, 82% of Gen Zers, 69% of Gen Xers, and 50% of baby boomers report some kind of anxiety about filing.

This year, it seems the top concern for most people is that they will not get a refund that will make a difference in today’s economy. Many people are reporting refunds of only a few hundred dollars when they may have been expecting thousands. The average refund so far in the 2023 tax season has been about $1,997. That’s a startling 14% lower than last year. For some families, this makes a huge difference.

On top of that, there are worries about refunds being delayed for an extended period of time. Of course, everyone is concerned about getting audited because who wants to go through that?

How To Ease Your Tax Time Anxiety

I’ve been able to relieve some of my tax time anxiety this year by doing a few things to better prepare myself, mentally and otherwise, for Tax Day. First, we’ve been slowly gathering our paperwork since January 1. We both worked at a few different places last year, so there are a few things to sort through.

Next, give yourself time to file. The government is going to take its time getting you your refund either way. So, make sure you leave yourself room to go over your return a few times before submitting it to the IRS. Remember, if you need more time, you can file an extension as long as you do so before April 18.

Don’t ignore the IRS or the fact that you have to file. It’s part of life. Accept it. Grab some snacks and file your taxes! When you are done you can sigh a breath of relief and treat yourself to a nice meal. It can be stressful, but Tax Day doesn’t have to rule your life at this time of year.

Readers, do you have Tax Day anxiety? How do you cope?

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