America’s tax season has started with the Internal Revenue Service (IRS) initiating the acceptance and processing of the 2017 federal individual income tax returns. With over 155 million returns expected to be filed this year; millions of Americans are yet to file their returns. With the deadline approaching, the below tips would help you stay organized and ready for the D day.

Recheck all your documents

The most important thing regarding tax filing is the proper paperwork. No matter which forms is relevant; you need to fill it up correctly. You must recheck multiple times if required to verify that you have all documents and they are in correct order. Simultaneously, you should not forget to keep multiple copies of it as a safeguard measure.

File for an extension if you are not ready

For any reason, if you feel that you might not be able to file your taxes by the deadline date; it is best to file for an extension. With this step, you will have an additional six months to file your returns and thus you can avoid any costly tax mistakes. For an extension, you must go to the IRS website and locate IRS Form 4868, “Application for Automatic Extension of Time to File U.S. Individual Tax Return.” This must be duly filled in and submitted before the filing deadline date.

However, it must be kept in mind that you still need to pay any taxes owed before the deadline date. Another point to note is that the six months deadline is from the last date of filing on the calendar, i.e. April 15th.

Avail of  tax services

IRS has drooled out plenty of free software to help people like seniors, handicapped or even those who are not fluent in English; file their taxes properly. There are programs like Volunteer Income Tax Assistance program and software like IRS ‘Free File’ which can be a godsend boon for you.

You can also hire a tax attorney or professional to help you file the taxes in the right manner. We offer various services at reasonable and affordable prices. Check our website www.dynamicacctsolutions.com for service list.

Remember the midnight deadline

Whether you are filing online or via a post office, you must be vigilant about the midnight Wednesday night deadline. Post offices close after regular business hours get over. Hence, you must get the timestamp within the business hours. For E-filing, the time stamp must come before the stroke of midnight. In case you miss it, you are liable for late penalties which can be a costly affair.

Do not miss on these deductions

In their haste, most people miss out on several deductions like student loan interest, property taxes, moving expenses, non-cash charitable contributions, medical deductions, contributions to certain tax-advantaged accounts or any other miscellaneous deductions.

Start preparing for next year

While you are doing everything to get the job done for 2018; you must also start prepping for Tax Day 2019. You can create a new folder and start storing and filing all receipts that can earn you a refund next year. This would make your job much easier and hassle-free next year.

With all the above mentioned tips, you can easily meet the deadline with cool aplomb and relax with a smile.

We can help you to prepare for next year. Visit us at www.dynamicacctsolutions.com