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.
-
The Savvy Way to Spend (and Enjoy) Your BonusUse your bonus to build wealth, boost savings and still enjoy a little well-earned fun.
-
Stores Open (and Closed) on Thanksgiving Day 2025From grocery stores to big-box retailers, here’s where you can shop and where you’ll find doors shut on Thanksgiving.
-
Gen X Turns 60: It's Time to Remix Your Retirement PlaylistIf you want a worry-free retirement, you can't keep playing the same old song. You need to freshen up your financial strategies, as well as your music.
-
I'm a Financial Adviser: Here's How a Three-Part Retirement 'Crash Plan' Can Prepare You for Market TurbulenceHaving a plan ready to go when markets get wild — covering how you'll handle income, rebalancing and taxes — can be the ultimate retirement secret weapon.
-
Here's How to Plan This Year's Roth Conversion, From a Wealth ManagerWhile time is running out to make Roth conversions before the end of the taxable year, consider taking your time and developing a long-term strategy.
-
Four Times You Need a Second Opinion on Your Financial PlanIs your financial plan fit for purpose — or is your adviser peddling an outdated strategy? When you see these red flags, it's time for a second opinion.Evan
-
'But It's Not My Fault!': Your Insurance Company Absolutely Will Blame You in These Five ScenariosInsurance companies care about 'fault' in more ways than you think — from payment mishaps to your neighbor's landscaping — so it's on you to manage the risks.
-
How to Calm Your Retirement Nerves When It's Time to Shift from Savings Mode to Spending ModeTransitioning from saving to spending in retirement can be tricky, but devising a strategic plan can help ensure a smooth and worry-free retirement.
-
Why Wills and Trusts Aren't Enough in the Great Wealth Transfer, From an Attorney Who KnowsFamilies need to prepare heirs through communication and financial know-how, or all that money could end up causing confusion, conflict and costly mistakes.
-
Private Markets for Main Street: What Financial Advisers' Clients Need to KnowWith product innovation 'democratizing' private market access for everyday investors, advisers must step up their game to educate clients on the pros and cons.
