Tax Day is April 18th this year…are you ready? If not, there’s no need to panic! The accountants in Chelmsford, MA, at ABC Payroll are here to help. Every year, millions of Americans—about one-third, actually—wait until the last minute to file their taxes. So if you’re a procrastinator, you’re certainly not alone. However, trying to get everything filed on time can be pretty stressful. We understand; it’s a lot to remember! We’ve also noticed that people tend to forget about the same things every year in their scramble to file everything on time.
Here’s what our accountants in Chelmsford, MA, want you to remember when you file your taxes!
Gather all your documents.
We know there are a lot, but you need all of them! These include W-2s, 1099s, and other forms from employers, banks, and other financial institutions. If you are self-employed, don’t forget to include all the records of your income and expenses.
Track your charitable contributions.
You can claim deductions for charitable donations you make throughout the year, so don’t leave any out! You might think that you haven’t donated enough to make a difference to your tax refund, but you never know! Many people get more back than they expected because of charitable donations.
And your retirement contributions!
Saving for retirement can save you money on your taxes! People often forget to make these contributions before the end of the year, so they miss out. If that was you this year, go ahead and make that contribution right now to get those benefits next year.
Don’t forget the state taxes.
If you live or work in Massachusetts, or any state with income tax, don’t forget to take care of those as well as your federal taxes. Laws surrounding state and federal taxes can change from year to year, so you should always consult an accountant if you’re not sure about anything. “Better safe than sorry” is the way to operate when it comes to filing taxes.
Filing for an extension is still an option.
If you don’t think you’ll have enough time to finish on time, file an extension before it’s too late. Many people don’t realize that filing for an extension is still an option, and they end up paying penalties they could have avoided.