CHICOPEE, Mass. (WWLP) – More and more Americans are filing their taxes early this season, but now, you’re running out of time.
Three weeks and three days to the IRS Tax Deadline: Tuesday, April 18. That’s typically plenty of time to file yourself, but what if you need an expert?
“It’s going to be a really crazy end of the year. Generally, there are more people that owe this year for a variety of reasons and they seem to be holding out,” said Ray Maagero, Tax Expert for Liberty Income Tax.
Regardless of who does your taxes, there are a few basics you need before you begin. First, any documents related to income. Wages paid by an employer will come from a W-2 which you should have received before the end of February.
Other income like rentals, investments, gambling, retirement, or self-employment is likely found in 1099 forms. You’ll also need proof of tax-cut or deduction-eligible payments, like private student loan interest from a 1098-E, or medical expenses.
“There are three buckets we are looking for Income, deductions, and tax credits. There’s a whole host of situations that might come up where you might miss something,” explained Maagero.
The final form to know is the 4868 extension. If you don’t have the information you need to file correctly you must file one by April 15, if you want to put off doing your taxes beyond that date.
But, Maagero said to remember one important note, “Just a reminder that filing an extension is not an extension of time to pay. You still have to make an estimate of what you may owe, and you have to pay that by April.”
He added that putting together that guess for an extension is also a great task for your local tax professional. Happy filing!