Tax filing as a procrastinator has time-sensitive implications. Haven’t filed your taxes yet? You’re not alone. Nearly one-third of Americans wait until the last minute, according to a recent survey, citing complicatedness and stress around taxes as the primary reasons. Fortunately, this year the deadline is extended to April 18th. Additionally, taxpayers affected by natural disasters have extra wiggle room – with dates stretching to October 16th.
The Internal Revenue Service revealed that 80.4 million income tax returns have been received by March 24th, with the average refund at approximately $2,903. This amount is lower than last years, likely due to the expiration of many pandemic relief programs.
Scammers are on the prowl during this tax season and need to be avoided. The IRS typically communicates via the U.S. Postal Service – never through social media or large phone calls. Filing for an extension is an option, utilizing a free and automatic filing service, which allows taxpayers to wait until October 16th to submit their paperwork. If a large portion of your financial assets are tied up with partnerships or other entities, you may need to file an extension in order to gather the correct paperwork. Services such as a free guided preparation and filing for people who make $73,000 or less are available as well. Those who prefer in-person help should also look for aid with selected companies around the country.
It is also important to remember to report all forms of income. Keep in mind that the IRS considers all income – from part time jobs to side hustles – to be taxable. Third party companies, such as Cash App, Venmo and Paypal, require a 1099-K form to be sent out at the end of the year. If you need more time, an extension can be filed to delay a payment until October 16th. But if your paperwork is organized, it’s beneficial to file sooner and receive any owed refund faster.
To help you out, ComplYant is a digital assistant and guide to help small businesses safely and quickly file taxes. Shiloh Johnson, CEO and founder of ComplYant, encourages people to “hop on one of these sites and get it done. You’re just going to procrastinate in October.”
For those who need help, using a service like ComplYant is the best way to prepare and stay out of trouble with the IRS. Tax season doesn’t have to be tedious, convoluted, or stressful if you take the proactive steps to file in a timely manner. A Procrastinator’s Guide to Tax Filing offers helpful tips for last-minute filers – use them to stay prepared, safe, and on the good side of the IRS.