6 Ways to Get Ready for Tax Day on May 17th
Photo by Kelly Sikkema under Unsplash License
Tips to Help You Experience a Stress-Free Tax Day
Haven’t started preparing your tax papers yet? Are you waiting until the last minute to file your taxes? Well, be sure to do it before Tax Day, which has been extended from April 15th to May 17th this year. The IRS extended the tax-filing due date as its way of easing the burdens posed on taxpayers by the continuing coronavirus pandemic. Nevertheless, even with the new deadline for 2021, the IRS encourages taxpayers to file their tax returns as soon as possible.
Despite your hectic schedule, you’ll need to make time to get all your paperwork in order. Sure, it might look overwhelming at first, but once you know the ins and outs of tax-filing, it will be a breeze.
Here are some important tips to help you keep things running as smoothly as possible when you file your income tax return:
- Gather your documents.
By the end of January, you should have already received all the tax documents you need from your employer as well as from brokerage firms, banks, and others with whom you have a business. Be sure that you check each form to see if the information matches your own records. Below are the most common docs:
- Form W-2 (if you’re employed)
- 1099 forms (if you’re self-employed or a freelancer)
- 1098 forms (tax deductions from mortgage interest)
- Profit and loss statements (if you’re a business owner)
- Form W-2G (if you had gambling winnings)
- Previous-year tax returns
- Check for typos or errors.
Before submitting your tax papers, see to it that you’ve double-checked every single piece of them for typos. This will spare you from frustration and a lot of wasted time. You wouldn’t want to get back in a queue and wait for another hour just because of a single grammatical or spelling mistake.
- Bring additional documents.
The IRS might ask for your Social Security number, so it’s a good idea to have a photocopy of your Social Security card. You might also want to prepare your tax credit forms to help you reduce your taxable income.
- Consider getting help from a tax professional.
If you often have difficulty filing your taxes or you just don’t have the time for it, you might as well work with a qualified professional. Apart from preparing your income tax returns, they can help you take advantage of any credits or deductions you’re entitled to. They’ll also take care of gathering the right tax and financial data from your investment accounts. Additionally, your tax consultant can provide you with income tax projections, including quarterly estimated payments.
- Maximize the use of free tax services.
If you have annual earnings of $66,000 or less, you can utilize the “Free File” software developed by the IRS to help you file your taxes. For seniors, people with disabilities, and those who make less than $55,000 a year, tax-filing doesn’t have to be a hassle if they sign up for the Volunteer Income Tax Assistance program.
- Don’t hesitate to request an extension.
Are you apprehensive that you might miss the tax payment deadline? Don’t worry, you can always ask for a six-month extension. However, you’ll still need to estimate the amount of tax you owe and pay that amount by the regular May 17th deadline to avoid any penalties.
Get a Top Tax Deduction and Transform Lives at the Same Time
How’s that possible, you ask? Well, simply donate an unwanted vehicle to us here at Goodwill Car Donations. Trust us, it’s that easy!
We’ll sell your clunker at an auction and use the proceeds to support the programs of the local Goodwill organization serving your area. Goodwill organizations spread throughout the country are IRS-certified 501(c)(3) nonprofits that have been working tirelessly for decades to support Americans burdened by disabilities, lack of education or essential skills, and other disabilities that prevent them from freeing themselves from poverty.
Through the funding they receive from us, they’re able to provide their beneficiaries with job training, job opportunities, livelihood assistance, internships, scholarships, disability benefits, and other essential community-building support services.
Thanks to your charitable contribution, the less fortunate individuals in your locality can now find opportunities to attain financial stability and live productive lives.
In exchange for your donation, we’ll send you the 100% tax-deductible sales receipt of your vehicle days after it gets sold. The receipt will entitle you to claim the maximum tax deduction when you file your itemized federal income tax return in the next tax season.
Other than that, you’ll also benefit from the free pickup and towing service that we will provide you wherever you’re located in the United States.
What’s more, you can count on us to provide you with a highly satisfying donation experience, knowing that your act of charity will help generate new jobs in your community.
We accept pretty much all sorts of vehicles, including those that come with a few defective parts. For a comprehensive list of our qualified vehicles, head over to this page.
If you’re interested to learn more about our donation program, including our quick and easy donation process, visit our FAQs page. For inquiries, feel free to get in touch with us at 866-233-8586. You may also send us a message here and we’ll respond within one business day.
Photo by Erik Mclean under Pexels License
Be a Hero on Tax Day
Are you ready to turn your ancient automobile into a life-changing instrument? Call Goodwill Car Donations at 866-233-8586 or fill out our online donation form now!