If you expect to file your 2017 tax returns at the last minute, you’re not alone. Approximately 40 million Americans waited until the last few days before the deadline to file their tax returns last year, and there’s no reason to believe it will be any different by this year’s April 17 deadline.
Finding Expert Help at the Last Minute.
Accountants and other tax experts are swamped between now and the tax deadline and may not be in a position to take on new clients, so ask a financial adviser or attorney to provide a recommendation. If the request comes through an adviser, the accountant might squeeze in a new client at the last minute to keep a professional colleague happy.
Last-Minute Mistakes to Avoid.
People with taxable investment accounts need to make certain all 1099 forms sent in early February are still accurate and that they hadn’t been corrected later in the month. The initial forms sent in late January may have been updated, and you don’t want to file a return based on an incorrect 1099.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Also, don’t forget to include those tax documents that typically arrive later than most. Some aren’t required to be provided to you until late spring. For example, people who are beneficiaries of a trust or a member of an LLC may not receive a Schedule K-1 form until mid-March or later.
If Necessary, File an Extension.
The IRS allows anyone to file for a six-month extension simply by filing form 4868. While it may be uncomfortable to put off a tax return, it’s better to file a correct return instead of rushing headlong to beat the deadline and making mistakes in the process.
Note, however, that filing an extension does not provide extra time to pay your taxes. You still must estimate and pay what you owe by April. You will be charged interest on any amount not paid by the deadline.
-
Greed, Fear and Market Volatility: A Financial Adviser's Guide to Keeping Emotions Out of Investment DecisionsDon't panic! And don't be so confident in the stock market that you overlook risk. Instead, be logical. Your retirement security could depend on it.
-
Want a Financial Adviser Who Shares Your Faith? Look for One With a CKA DesignationFinancial professionals with a Certified Kingdom Advisor certification are committed to integrating biblical principles with sound financial advice.
-
Greed, Fear and Market Volatility: A Financial Adviser's Guide to Keeping Emotions Out of Investment Decisions
Don't panic! And don't be so confident in the stock market that you overlook risk. Instead, be logical. Your retirement security could depend on it.
-
Want a Financial Adviser Who Shares Your Faith? Look for One With a CKA Designation
Financial professionals with a Certified Kingdom Advisor certification are committed to integrating biblical principles with sound financial advice.
-
10 Ways to Stay Safe From Grandparent Scams and Other Fraud, Courtesy of a Financial PlannerScams are increasingly hard to detect, and anyone can be fooled, from older people to educated professionals. Here are 10 ways to avoid becoming a victim.
-
This Is How the Student Loan Bubble Is Primed to Pop, From a Student Funding ExpertFueled by easy money, inflated tuition and high default rates, the student loan bubble mirrors the 2008 subprime mortgage crisis. We could be headed for a potential financial collapse. What can we do?
-
More Than Money: The Hidden Toll of Financial Abuse of Older AdultsFinancial abuse from schemes involving tech support, government impostors, false sweepstakes, grandchild hoaxes and online shopping issues can cause thousands of dollars in losses.
-
I'm a Financial Planner: Here Are Three High-Impact Ways to Make a Difference With Your DollarsThe world often feels out of control, but here are three ways to use your money — through investments, charitable giving and political donations — to help create a more just and sustainable future.
-
The Unsung Hero of Aisle 5: A Tale of Forgotten Change and Compassion at the SupermarketThis supermarket manager went above and beyond to help when a child forgot her change at the checkout counter. You might be surprised at some of the complications that supermarkets face when it comes to customers' forgotten change.
-
Train, Integrate, Retain: A Strategic Playbook for Adviser OnboardingsBuild a thriving practice by training new advisers with clear goals, structured processes and consistent mentorship for strong team growth.
