⏰The Tax Deadline is Here! Last-Minute Filing Tips & What to Do If You Need More Time

April is crunch time for taxes, and if you haven’t filed yet, you’re not alone! Whether you’re trying to beat the April 15 deadline or wondering how to file an extension, this guide will help you take the right steps.

At Collins & Collins Tax Advisors, we understand that tax season can be stressful. But with the right approach, you can file confidently, avoid penalties, and even maximize your savings.

Let’s dive into last-minute tax filing strategies and what to do if you need extra time to file.

⏳ Last-Minute Filing Tips to Avoid Errors & Maximize Savings

Even if you’re rushing to file, you want to ensure accuracy and avoid costly mistakes. Here’s how to get it done right:

1. Gather Your Documents & Double-Check for Accuracy

Before you start, make sure you have:

✔️ W-2s, 1099s, and other income statements

✔️ Deduction and expense records (medical bills, mortgage interest, student loan interest, etc.)

✔️ Business expense receipts if you’re self-employed

✔️ Any IRS letters or notices from the past year

💡 Pro Tip: Rushing leads to errors! Small mistakes—like missing income, incorrect Social Security numbers, or typos—can delay your refund.

2. Maximize Your Tax Deductions & Credits

The IRS offers dozens of tax breaks that could reduce your taxable income. Don’t leave money on the table!

🚀 Commonly Overlooked Deductions & Credits:

✔️ Earned Income Tax Credit (EITC) – If you made less than $63,398 in 2023, you might qualify for this valuable credit.

✔️ Retirement Contributions – You can still contribute to an IRA until April 15 and count it toward your 2023 taxes.

✔️ Student Loan Interest Deduction – If you paid student loan interest, you could deduct up to $2,500 even if you don’t itemize.

✔️ Home Office Deduction – If you’re self-employed and work from home, you may be able to deduct a portion of rent, utilities, and internet.

✔️ Energy-Efficient Home Upgrades – Did you install solar panels or upgrade to energy-efficient windows? You may qualify for a tax credit.

💡 Pro Tip: If you’re not sure what you qualify for, working with a tax professional can help you find hidden savings!

3. File Electronically & Choose Direct Deposit for Faster Refunds

If you want your tax refund fast, the best way is to:

✔️ E-file instead of mailing a paper return

✔️ Choose direct deposit to get your refund in as little as 21 days

📌 Avoid These Filing Mistakes That Could Delay Your Refund:

🚫 Entering incorrect bank details

🚫 Forgetting to sign your tax return (yes, even e-filed returns need a digital signature!)

🚫 Reporting the wrong filing status (single vs. head of household)

💡 Pro Tip: The IRS will not call, text, or email you about your tax return. Watch out for tax scams!

📆 Need More Time? How to File a Tax Extension

If you’re feeling overwhelmed or need more time, you can file an extension to push your tax deadline to October 15.

🚨 Important: Filing an extension gives you more time to file, but not more time to pay. If you owe taxes, you must estimate the amount and submit a payment by April 15 to avoid interest and penalties.

How to Request an Extension:

✔️ File Form 4868 online through the IRS website or your tax software

✔️ If you make a partial payment, the IRS will automatically grant you an extension

✔️ Consider working with a tax professional to estimate what you owe and avoid penalties

💡 Pro Tip: Even if you can’t pay in full, file your return or extension anyway! The failure-to-file penalty is much worse than the failure-to-pay penalty.

🔎 What Happens If You Miss the Deadline?

If You’re Getting a Refund:

✅ Good news! There’s no penalty for filing late. You have up to three years to claim your refund.

If You Owe Taxes:

🚨 You may face these penalties:

✔️ Failure-to-File Penalty – 5% of your unpaid taxes per month, up to 25%

✔️ Failure-to-Pay Penalty – 0.5% per month on what you owe

✔️ Interest on Unpaid Taxes – Continues to accrue daily

💡 Pro Tip: If you can’t pay the full amount, the IRS offers payment plans to help you avoid serious penalties.

📞 Need Help? Collins & Collins Tax Advisors Has You Covered!

If tax season has you stressed, don’t worry—I’m here to help! Whether you need to:

✅ File last-minute without mistakes

✅ Maximize your refund

✅ Get an extension or set up a payment plan

✅ Resolve IRS notices or tax issues

I can guide you every step of the way. Let’s make tax season stress-free!

📅 Book a Consultation Today!

📞 Call/Text: (314) 562-2209

🌍 Schedule Online: www.collinstaxadvisors.com

Final Thoughts

The key to a smooth tax season is acting now. Whether you’re filing today or requesting an extension, taking the right steps can help you avoid costly mistakes and unnecessary stress.

If you need expert guidance, Collins & Collins Tax Advisors is ready to help!

✨ What tax questions do you have? Drop them in the comments below! ✨