4. Ready till the final minute to file your return
Final 12 months, the IRS prolonged the tax-filing deadline to July 15 in gentle of the coronavirus pandemic. This 12 months, nonetheless, it is unlikely to do the identical. The pandemic has been with us since early 2020. Taxpayers ought to theoretically have loads of time to finish their returns by mid-April.
Nonetheless, this is not the 12 months to procrastinate. Many filers’ monetary conditions modified in 2020, and the demand for tax prep assist could also be increased than normal. If you’d like help along with your return, line it up effectively forward of the deadline.
5. Submitting a paper return
The IRS remains to be within the means of catching up on paper returns that have been filed in 2020. Granted, the company additionally closed its workplaces for a lot of final 12 months after which got here again to piles of mail it needed to kind by means of. Whereas we can’t essentially see the identical paper backlog in 2021, you are still higher off submitting your taxes electronically. Not solely will that scale back your probabilities of making an error, however it’s going to additionally assist expedite your potential refund.
The U.S. financial system is in shambles, and there is a pandemic raging. The very last thing you want is a tax headache. Avoiding these errors will take one potential supply of stress off the desk.
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