Tips for last-minute tax filing

April signifies many things – tax season being one of them.

The deadline to file is just two weeks away, Monday, April 15.

If you haven’t done so yet, tax experts say to start by gathering your W-2 forms and documents from other sources of income, like 1099’s. 

Filing electronically is easy and fast. You can get your money quicker by using direct deposit. Direct deposit is also a safer way to get your money because your check isn’t sitting in your mailbox.

Make sure to check for errors – double check numbers entered from your documents, and make sure your routing and bank account numbers are correct for direct deposit.  A mistake could cause you to lose your refund entirely.

There is still time to lower your tax bill, as well, by increasing your retirement savings.

The money you contribute to a 401(k) or IRA is not included in your taxable income. You can contribute money to your retirement accounts until April 15.

Don’t forget, even if you file for an extension, you can still get hit with a late payment fee if you owe money on your taxes.

If you have filed, you may notice something different. Your return may be smaller than in years past.

This is because of the new tax reform, and while it can’t be changed for this tax season, it’s something to keep in mind going forward.

“So for 2019, we are now through 3 months, we want to make sure people look at their withholding and see if there was a problem for ’18 and adjust their withholding for 2019 so they won’t have a big problem a year from now,” Certified Public Accountant Brad Ewerth said.

Tax time is also a prime time for scammers.

Remember, the IRS will never contact you initially by phone or email – correspondence only comes by mail.

If you do receive a call or email from someone claiming to be with the IRS, call your financial planner immediately.