It’s the Final Countdown!

Welcome to the final 11 days left of the tax season! As we head down the home stretch, here are some things that you may need to know as you wrap up your 2013 taxes and start looking towards next year. 

  • First, slow down. Yes, you only have a week and a half left to file, but take enough time to make sure you don’t overlook a tax benefit or miss filing a form. The IRS will not catch an overlooked deduction. 
  • Delaying past April 15 may mean a penalty. If you think you will need more time, you can extend with IRS form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return, available at IRS.GOV. Remember though, an extension to file is NOT an extension to pay any amount due that you may owe.
  • April 15 and estimated tax payments. If you make estimated tax payments, April 15 is also the due for the first quarter estimate.  Estimated taxes are used by taxpayers to help prepay the tax liability for the upcoming tax year.

Once you have this year’s taxes under control, it’s time to set yourself up right for next year:

  • Review your current pay and withholding. Do you have too much, not enough or just the right amount being withheld? If it’s not right, adjust it for next year.
  • Save for retirement, save on taxes. Does you company offer a 401(k) or similar type of employee contribution plan?  If so, start contributing or increase your contributions as much as you can. This will not only help lower your taxes today, but will help you start planning for your retirement.

Most importantly, if you have any questions, call your local Jackson Hewitt office to make sure you don’t miss anything in the rush of the last two weeks of tax season.