Filing taxes at the last minute: How to do it.
The 2022 NBC News analysis of IRS data revealed that on average, about 29% of individual tax returns were received in the three weeks leading up to Tax Day.
Filing early for tax returns can result in receiving your refund sooner, according to Mark Steber, Senior Vice President and Chief Tax Information Officer at Jackson Hewitt.
Filing taxes early not only reduces stress but also increases the accuracy of returns by ensuring that all deductions and credits are included, resulting in a higher refund.
Using the appropriate tax preparation software can assist you in avoiding errors and obtaining the highest possible refund, even when filing at the last minute. Some of CNBC Select's top picks include TurboTax and H&R Block.
To process your tax return faster and get your tax refund quicker, CNBC Select provides details on how to do it. If you need more time, they also offer advice on what to do.
To ensure timely payment of taxes by April 15, 2024, follow these steps to complete them promptly.
Completing your tax return may be a lengthy process, but it can result in a substantial refund this year. The IRS reports that the average return in 2024 so far is $3,207. Therefore, taking the time to carefully prepare and submit your return can be worth it.
To ensure timely tax filing, you should start the process with two weeks remaining before the due date. Here are the steps to get started.
First, find all of your documents
Generally, most tax filers will require one or more of the following documents to complete their tax return:
- W2 or 1099-MISC (income earned from work)
- 1098 (mortgage interest statement)
- 1098-E (student loan interest statement)
- 1098-T (paid tuition statement)
- 1099-DIV (dividends and distributions)
- 1099-INT (interest earned from bank accounts)
- 1099-G (government payments)
If you haven't received the forms needed for your tax return, contact the sender before the deadline of January 31, 2023, to obtain them.
Use federally-sponsored tax software if you qualify
During tax season, many large tax software companies advertise their services, but most of them require payment, except for their free version for simple tax returns. However, if your AGI in 2023 was less than $79,000, you can file your taxes for free.
You can find tax software on the IRS website that suits your requirements.
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Use a free or low-cost tax software
To ensure you choose the right online tax software for your needs, follow these tips before beginning to process your tax return.
- It may be easier to file on a computer rather than a smartphone.
- Ensure that you use a secure and trusted network when filing, as public Wi-Fi networks, such as those found in libraries or coffee shops, may put your information at risk of theft.
- Assessing your tax return for the year, you may require a more complex software solution if you have multiple W2 forms and numerous deductions, or if you are a real estate investor or business owner.
To maximize their refund, some individuals may need to spend more on credit cards, while others can easily process their return with the free version. American Express and Capital One both offer points or cash back on the purchase of tax prep software.
Filing both federal and state taxes is free with Cash App Taxes, making it a great choice for those looking to save on tax software.
If you're scrambling and need more time, file an extension
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Filing Form 4868 will give you until Oct. 15, 2024, to complete your 2023 taxes and obtain an extension.
While an extension of time to submit your documents has been granted, it does not provide additional time to settle your tax bill, which is still due on April 15th.
There are three ways to file for an extension:
- Pay a portion of your estimated income tax due and indicate that the payment is for an extension using Direct Pay, the Electronic Federal Tax Payment System, or using a credit card or debit card.
- Electronically file Form 4868 by accessing IRS e-file through tax software or with the help of a tax professional who uses e-file.
- Submit Form 4868 and pay your estimated taxes.
Bottom line
Completing your taxes may not be thrilling, but it is necessary. With only a few weeks left, you can still finish your taxes with the help of tax preparation software or a professional, along with your tax forms and some time. To prevent a last-minute rush next year, start gathering your documents and preparing for taxes early in the year.
Why trust CNBC Select?
Our goal at CNBC Select is to deliver top-notch service journalism and in-depth consumer advice to our readers, enabling them to make well-informed decisions when it comes to their finances. Each of our tax guides is the result of thorough reporting by our team of expert writers and editors, who possess extensive knowledge of tax software products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content independently, without any input from our commercial team or external third parties. We uphold the highest journalistic standards and ethics in everything we do.
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