With the individual tax-filing deadline on Monday, April 15th, now is the time to complete all filing arrangements and payments.
What follows is information typically provided in our filling instructions to you when the tax return is completed. However, it's good information to know, whether you have already filed or not.
Look over these 5 important reminders for filing your tax return:
Did you sign your e-file authorization form? IRS Form 8879 needs to be signed by you before your taxes can be e-filed. If filing jointly, your spouse needs to sign as well. If you haven’t already, please return the signed form ASAP to ensure that your taxes can be e-filed on time. But don't sign it before reviewing the tax return. Remember, this signature means you agree with the accuracy of the tax return.
Do you need more time to file? If you are not ready to file your taxes before the initial April 15th deadline, you can file for a six-month extension. Be aware that it is only an extension of time to file — not an extension of time to pay taxes you owe. You still need to pay all taxes by April 15th!
Do you owe money? If yes, make your tax payment now. The IRS has several payment options on their website. If mailing a payment, include Form 1040-V and ensure the mail is postmarked on or before April 15th. Sending the payment by certified mail will ensure you have proof of a timely payment. Late payments, even by one day, are subject to IRS penalties and interest.
Do you need to deposit funds in your IRA or HSA? If you claim an IRA or HSA contribution on your tax return and want the deduction to be valid for 2023, all deposits to those accounts need to be made by April 15th. Once completed, save proof of the contribution with your 2023 tax files.
Do you need to make an estimated tax payment? The first quarter estimated tax payment for 2024 is also due by April 15th. If you owe taxes for 2023, making 2024 estimated payments might make sense for you. A quick way to calculate a first quarter payment is to divide the taxes you paid in 2023 by four, then adjust this number for any paycheck withholdings. Send your payment along with Form 1040-ES to the IRS by April 15th. Then schedule a tax-planning meeting to determine the best approach for the remainder of the year.