Money Talks News: Tax Hacks 2018: Last minute tax advice

Money Talks News: Tax Hacks 2018: Last minute tax advice
(Source: Money Talks News)

Money Talks News - The IRS reports about three-quarters of Americans have filed their tax returns. Are you among the remaining people who still need to file?

The deadline to file taxes is Tuesday, April 17. While most Americans have already filed, especially those getting a refund, the IRS says 20 to 25 percent of us are going to wait until the last two weeks.

Whether you haven't found the time, don't have the dough or you just can't seem to avoid deadlines, it's time to get started.

Here are the steps you need to take to make it as painless as possible:

Step one: Get organized. Don't sit down until you have what you need: W-2s, 1099s, receipts. Look at last year's return and make sure you have the backup to support the same stuff on this year's.

Step two: Decide who's doing it. Remember, if you made $54,000 or less last year, you qualify for free in-person preparation. If not, grab some software. The IRS Free File website is a great place to find it cheap or even free.

Step 3: Take a breath, take your time. Rushing means making mistakes. If you're not going to finish by April 15, no problem. Just file an extension.

Use a 4868 form. If you owe, you'll have to pay. But this simple form will buy you six more months. If you need it, use it.

And whatever you file, do it electronically. It's fast, it's often free, and you'll get an electronic confirmation it's been received.

Time is running out, but there's no reason for you to stress out. If you're not going to make it in time, just file an extension and procrastinate away. Either way, there are some more tips to help. Go to the Money Talks News website and do a search for "Tax Hacks 2018."

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