fbpx
U

Here’s Your Tax Filing Day Checklist: Make Sure You Do These 6 Things

April 14, 2017

Here's Your Tax Filing Day Checklist: Make Sure You Do These 6 Things

April 18 is coming fast, and if you haven’t filed your tax return yet, here are some quick things you ought to make sure you do first.

There is a lot of paperwork and details to get in order to prepare your income tax return. When it comes down to the filing deadline wire, it’s important to make sure you have all your ducks in a row before you file your return.

Whether you file your tax return on your own or work with a CPA to file for you, there is a set of ceremonious things you can do as you say bon voyage to 2016.

  1. Organize your supporting documents

Everything from your W-2s and 1099s to your charitable contribution deposits should be kept with your tax return. Having copies of these items with your tax return ensures that you have accurately reported any and all wages, deductions, and contributions. It can also make it easier to keep yourself organized in future years when you know exactly which documents you need to have handy.

  1. Double-check bank account information

It’s a good idea to double-check your bank account information if you are requesting an automatic deposit and/or withdrawal from your checking account for your refund or for what you owe. You wouldn’t want the IRS to not be able to deposit your money and you definitely don’t want their ire if they can’t collect from you.

  1. Make sure you check the box for healthcare coverage

These days, the IRS requires that all individuals have healthcare coverage for the full year. There is a box on your tax return (line 61 of Form 1040). You should have received a Form 1095-B that confirms you were covered for the entire year that you keep for your records with your other supporting documents.

  1. Be sure to sign your return

This may sound so simple, but it’s a step you don’t want to forget. Make sure you and your spouse sign your tax return before filing.

  1. Triple-check your return for errors

Most people don’t review their tax return once it’s prepared, especially when done so by a tax preparer. You should. Thumb through your tax return, and make sure everything looks accurate. Things that may jump out at you may be your address, social security number, the spelling of your name, and wages and contribution numbers. Just be sure to scan over everything, and don’t hesitate to ask your tax preparer if there is anything that doesn’t make sense. And certainly tell your tax preparer if you know any of the information on your tax return is wrong.

  1. Request an extension if necessary

April 18 is only a few days away. If you know you won’t be able to file by the deadline, now is the time to request an extension. You just need to complete Form 4868. The IRS will automatically grant you the extension, so don’t delay. Whether you are still waiting on necessary tax documentation or some unexpected life event happened that makes it hard for you to file on time, the IRS will grant you the extra time to file. There is a catch however, because the IRS is not completely altruistic in their filing leniency. They won’t grant you extra time to pay any taxes you owe, so you still must pay your taxes by your original tax filing deadline. If you don’t, the IRS will charge you one-half percent each month on the amount of the tax you owe.

 

Looking for more tax tips? Be sure to read 6 Super Easy Ways to Save Big on Your Taxes This Year and listen to our podcast 10 Huge Tax Mistakes You Don’t Want to Make.

FILED UNDER: Blogs
TAGGED WITH: personal finance, taxes

Most Recent Episodes

Dave Ramsey vs. The Money Guy: Which Strategy is The Best?

Dave Ramsey has an incredible legacy of helping folks get out of debt and take control of their financial lives. We agree on a lot of things, but there are a few points of contrast. In this episode, we’ll discuss differences between The Money Guy Show and Dave Ramsey...

Top 4 Financial Mistakes We Saw This Year! (2022)

We saw some wild financial mistakes this year during the bear market. From making extreme changes to portfolio allocation, chasing the hot dot, and using too much leverage, we’ll talk about some of the biggest financial mistakes we saw in 2022 in this episode.   In...

How Millionaires Build Wealth! (With Dave Ramsey)

Join us for a very special episode as we welcome personal finance radio host and influencer Dave Ramsey to The Money Guy Show! There’s so much misinformation out there about building wealth. We had the pleasure of having a great conversation about how millionaires...

Do These 4 Things with Your Finances BEFORE 2023!

There are unique financial opportunities available at the end of the year - especially this year with the market down. In this episode, we’ll talk about what you need to do with your money BEFORE 2023! In this episode, you'll learn: What you need to do with your money...

How to Win When the Financial World is Burning!

Lately it’s felt like the financial world is in chaos, with rising interest rates, a falling stock market, and high inflation. Let’s talk about how to focus on what you can control and how to minimize the time spent worrying about what you can’t control. In this...

Financial Advisors React to RIDICULOUS Money Advice on TikTok!

The most powerful time to get serious about building wealth is when you’re young. So, what is the younger generation learning? Financial Advice (good and bad) is being produced in massive rates across online platforms and TikTok is the new frontier. Is there good...

Loss Harvesting: Why Wealthy People Love It (And You Should Too!)

Tax-loss harvesting: what is it and should you be doing it? In this episode, we’ll cover everything you need to know about tax-loss harvesting, including whether it makes sense for you, how much it could save you in taxes, and how to eliminate the downside of loss...

The Market is Crashing! (Where Should You Put Your Money?)

The stock market has not had a great year so far. You might be asking yourself, “Since the market is crashing, where should I put my money now?” In this episode, we’ll discuss how to invest when the market is dropping and how to make the most of your money. In this...

Will Rising Interest Rates Tank the Economy?!

The Federal Reserve is raising interest rates to combat inflation, and many are concerned about how it will affect the economy. In this episode, we’ll discuss what rising interest rates means for your wallet and how to make the best of it. In this episode, you'll...

How to Be Wealthy By Age! (Can You Catch Up?)

How much does it take for you to meet your retirement goals by age, and what are some common traps your peers fall into? Learn more about how to be wealthy, mistakes to avoid, and exactly what a little extra saving can do for your retirement income. In this episode,...