How to Prepare for Your Tax Extension Deadline

After the past year, we’ve had, you may be behind on filling for this year’s tax return. If you filed for a tax extension, you have until October 15, 2021, to submit all your forms. Even though that may seem far away, it will be here before you know it, so make sure to start preparing now! Read on for a few tips to help keep you on track before your tax extension deadline.

Steps to Take after You’ve Filed for a Tax Extension

Check Tax Extension Status

If you submitted Form 4868, it’s recommended that you check your tax extension status to make sure your request has been granted, so you don’t get hit with penalty fees. For those who mailed in your extension, you will need to call the IRS customer service number to confirm that your tax extension was received and approved.

Organize Your Tax Documents

Before you start preparing your return, take the time to gather all your important documents, including a W-2 Form, 1099 Form, and receipts from the past year. This might sound tedious, but if you arrange all your forms prior, it will make it easier to find them later on. Creating a checklist and having a designated folder for all your documents will help you stay organized so you can avoid making errors.

Hire a Tax Professional

Filing for your tax return can be a stressful and lengthy process, especially if you’re doing it alone. Everyone lives are busy, and the spare time you do have you most likely don’t want to spend on your tax return. Hiring a skilled and qualified tax expert can help make the process easier. Our accountants work in your best interests, to save you the highest amount possible. They will work with you every step of the way to ensure all forms are filled out correctly and on time.

File Your Tax Return On Time

This is not the time to procrastinate! Allow yourself to enjoy your summer knowing that you already submitted your tax return. Even though the tax extension is six months, the earlier you start, the better off you will be in the long run. Also, the earlier you submit your return, the faster you’ll receive your refund. Look at it this way: the money you receive from your refund can go towards paying off debt, an emergency fund, or even using a portion of it for leisure this summer.

If you want to avoid feeling stressed and overwhelmed when filing for your tax return, then don’t wait until the last minute to get started. The accounting professionals at Calabrese & Associates, P.C. are willing and able to help you before the tax extension deadline. Contact us today to find out more about the tax services we provide!