What to know before you file your taxes
POCATELLO, Idaho (KIFI/KIDK) - Time is ticking away to file your taxes. If you have made mistakes in previous years, you know it can be costly and a complicated fix.
Mistakes are more common than you think, but there are some things you can do to avoid them. According to the Internal Revenue Service, about 90 percent of individual taxpayers to file electronically in 2018, a record high. They believed to be the fastest and most reliable way to file your taxes.
However, if you’re more of a do-it-yourself kind of person, the IRS offers an online interactive tax assistant on their website free to the public. This service gives people instant access to a variety of tax information and tax laws. Regardless of what method you use, there are some key things to know before you send in your W-2’s.
According to SmartAsset.com, one of the most important things to remember when filing your taxes is to double-check your math. Incorrect numbers may result in you having to submit an amended tax return.
Second, avoid using last year’s numbers. People often forget that life circumstances can change your taxes year to year. Compile all needed documents prior to filing your taxes. This includes last year’s tax returns, records of income and even receipts.
Finally, April 15th is the deadline to file your taxes and it comes up a lot quicker than you think. Last year, the IRS received about 14.8 million extension requests from taxpayers, many of them in the final days of filing season. If you miss the deadlines, this can result in penalties and hefty fines.
