10 Helpful Tips for All You Last-Minute Tax Filers Out There

Filing taxes at the last minute is always a challenge. It's a time-consuming and, sometimes, frustrating process.

Now is the time to get them done, though, which means you either need to roll up your sleeves to do the work yourself or contact a tax professional. A few tax tips could save you time and frustration if you're trying to avoid money mistakes.

Implement these last-minute tax filing tips to get through the process without overpaying.

Find all necessary documents now, including W-2s, 1099s, and receipts. You'll also need your prior year's tax return.

Getting organized now will save you time when you sit down to complete your taxes. You could get it done faster when you don't have to find a form.

The IRS provides an e-filing service that allows you to complete your tax return online. This speeds up the actual filing process.

While e-filing is fast and effective for most people, remember that it does not provide you with any details on what tax deductions or credits you may be owed. In other words, you still have to make some decisions.

If you just cannot get your taxes done on time, you may be able to request an extension with the IRS. Filing an extension gives you more time to file your taxes.

However, if you expect to owe taxes, a deadline extension does not allow you to pay your taxes late. You must pay what you expect to owe when requesting the extension.

Consider ways to reduce your taxable income. That could mean you pay less or get more back if you qualify for tax credits or deductions.

One example is maximizing your retirement contributions for the tax filing year. That could lower your taxable income for this year.

It's a good idea to ensure your current withholdings align with your financial situation. If you owe a significant amount of money at tax time, you may not contribute enough with each paycheck you receive. Increasing that, through withholdings, reduces the risk of costly tax debt later.

On the other hand, if you are owed a significant amount, adjusting your withholdings could increase the amount of money in each paycheck instead of providing you with a big refund.

It is essential to reduce tax errors. Many errors people make are typos or mathematical errors, which the system should catch.

However, failing to provide accurate information, missing deductions or tax credits, or other mistakes can slow the process. Minor errors may lead to a delay in receiving a refund and a rejection from the IRS.

Before submitting your return, take a few minutes to check all of your identification numbers, especially if you entered them manually. This includes the Social Security number listed for each family member.

You should consider all identification numbers associated with the Child and Dependent Care Credit or Earned Income Tax Credit. This might include your personal number and that of your spouse and dependents.

In situations where you owe the IRS money, you must pay that amount at the time of filing your taxes. If you cannot do so, the IRS will likely provide you with an extension for payment if you request it and meet the criteria.

You will likely pay penalties and interest if you cannot pay your taxes and request an extension. The IRS works with most people to create options such as extensions to pay or monthly payment plans.

Before you file your taxes, now might be a good time to review your current plan and tax obligations with your financial advisor. There are numerous ways to potentially reduce your tax obligations.

One example might be deferring income paid at the end of this tax year until next year. You can also take a capital loss to offset capital gains depending on your circumstances.

If you cannot find the necessary documents or understand one tax credit after another, request an extension (just do it before the tax filing deadline!).

Giving yourself more time to ensure accuracy in your tax documentation saves frustration and potential fines later. A tax professional can help you get better organized.

Last-minute filers are common (plenty of us must wait until the last minute). However, waiting too long can lead to costly mistakes. Create a plan for the coming year, so you can get out of tax debt and not have to spend next year's deadline trying to determine your options.

Seek out the help of a financial advisor whenever possible. Free resources within your community may also be available to get you on the right track.