This is a post written by Dawson & Associates.
Are you one of the millions of Americans who haven’t filed (or even started) your taxes yet? With the April 15 tax filing deadline less than a week away, here’s some last minute tax advice for you.
1. Stop Procrastinating. Resist the temptation to put off your taxes until the very last minute. You need time to prepare your return, and may need certain documents that might take more time to pull together.
2. Include All Income. If you had a side job in addition to a regular job, you might have received a Form 1099-MISC. Make sure you include that income when you file your tax return because you may owe additional taxes on it. If you forget to include it you may be liable for penalties and interest on the unreported income.
3. File on Time or Request an Extension. This year’s tax deadline is April 15. If the clock runs out, you can get an automatic six-month extension, bringing the filing date to October 15, 2014. You should keep in mind however, that filing the extension itself does not give you more time to pay any taxes due. You will still owe interest on any amount not paid by the April deadline, plus a late-payment penalty if you have not paid at least 90 percent of your total tax by that date. Continue reading “Five Last Minute Tax Tips for 2014” »