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Filing Your Taxes? Here’s What You Need to Know

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If you haven’t filed yet, here’s what you need to know. 

A lot of folks are taking advantage of IRS e-file as 100 million people used the service to get their taxes done last year. I know some people who have used e-file and they love it. It’s a step by step guide that tells you exactly what to enter and where. It gives you tips and hints for items you didn’t even know you could get deductions for. Plus the computer does the math so it lessens the chance for errors. It’s super fast, you get your refund quicker and if you make less than $57 thousand dollars a year, it’s FREE! Turbo Tax gets an honorable mention here. You can chat one on one with a tax pro if you have questions and they also have an app for doing your taxes called Turbo Tax Snap Tax. It’s $25 but you can file your taxes by taking a snapshot of your W2.

If you file late and owe money, you could end up owing more because the IRS can assess penalties and late fees, but if you are due a refund, the IRS doesn’t really care if you file late. You can lose out on some of the money that they owe you, but if you’re due a refund, you can wait up to three years to file your taxes. I don’t suggest doing this, but if you’re that lazy, go right ahead but just remember this: The later you file, the longer it will take to get your money back and no one wants to wait to get their money. I know. I’ve seen people at the ATM freak out if it takes more than 30 seconds for the machine to spit out their cash.

One way to speed up getting your money is to click the box for direct deposit. You don’t know when the money is going to coming back, so it’s always fun to get your bank statement and see you have $700 extra dollars in your savings account. It’s even faster if you file online and get direct deposit. You can start blowing that cash in as little as three days.

Sometimes, life happens and you don’t get around to filing in January or February or even by April 15. Never fear. You can file for an extension. That gives you until October to get your taxes done.

If you have more questions, you can check the IRS Frequently Asked Questions web site.

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