It is almost that time again! In a little under a month, almost 19 million Americans who asked for extensions on their 2021 tax returns will need to file. There are a few crucial actions these taxpayers need to take before October 17th to avoid any delays and to make this process run as smoothly as possible.
Act As Soon As Possible
It is important to get organized and assemble all of the documents needing to be submitted in a central location as well as find anything you may have lost. If you have everything in your possession and ready for filing, you should submit the information ASAP to avoid missing the deadline due to an unforeseen circumstance that could arise between today and Oct 17th.
Some of the required documents and information to make sure you submit are:
- Social security numbers of everyone listed on the return
- Bank account and routing numbers for direct deposit refunds
- Forms W-2 from your employer(s)
- Forms 1099 from banks that outline compensation, pensions, dividends, or distributions
- Investment income—various forms 1099 (-INT, -DIV, -B, etc.), K-1s, stock option information
These are not all the forms everyone will need, as what you need to submit varies based on your tax status and much more. For more information on what you need to submit, it may be a good idea to contact your professional tax adviser today.
The Benefits Of a Professional
Accountants can offer dependable and expert tax guidance and will know the exact next steps you need to take regarding the filing of your tax return. They can provide you with assistance on a wide range of different things based on your financial needs, such as tax deductions, charitable contributions, how and whether you should file your taxes differently, and much more to get the most out of your return. They can also advise for the future, to potentially help make sure you can avoid submitting another extension request in 2023 (depending on your circumstances).
Wrap Up
For many taxpayers, tax season ends in April, but it can become a headache once again for those filers who are on extension. Keeping clean records of all your tax information is extremely important as well as consulting a tax expert for advice. Let us know if there is anything we can do to help ahead of the deadline!