If you’re scrambling to pull your tax return together at the last minute, you’re not alone. An estimated 20% to 25% of Americans wait until the last two weeks before the filing deadline to prepare their returns, according to IRS data cited by Intuit TurboTax.
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This year’s deadline to file federal and most state taxes is April 15. Here are three things to do right now if you’re behind on your taxes.
Also see four tax prep steps middle-class households can’t afford to overlook.
Create or Access Your IRS Account
If you haven’t done so already, create an IRS individual online account at IRS.gov. This account lets you securely access the latest information available about your federal tax account.
Here are a few of the things you can do with the account, according to the IRS:
- View or download details from returns from the past five years
- View W-2s, 1099s and other tax documents
- Approve and sign power of attorney as well as tax information authorization from a tax professional.
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Gather and Organize Your Tax Records
As the IRS noted, organized tax records make it a lot easier to prepare a complete and accurate tax return.
Here are some of the records you need to gather immediately:
- W-2 forms
- 1099s and related documents from banks, issuing agencies and other payers, including 1099-K, 1099-MISC, 1099-INT and related forms
- Records of other income sources, such as digital asset transactions and unemployment benefits
- Documents for credits or deductions — especially if you itemize deductions — which will typically include records of child care or dependent care expenses, home mortgage and property tax records, charitable donations, health savings account/flexible spending account contributions, healthcare expenses, retirement contributions and educational expenses
- Documents from side hustles and self-employment, including bank statements, checks paid to you, expense receipts, mileage logs and estimated tax payments
- Records of any important changes, such as new names and addresses.
File For an Extension
If you don’t think you’ll be able to finish your return by the tax filing deadline, you should go ahead and file for an extension. This gives you more time to complete your return, though you’ll still be responsible for any taxes owed, according to LegalZoom.
If you don’t file your return by the deadline and also don’t file for an extension, you’ll face a failure-to-file penalty. The penalty is typically 5% of your unpaid taxes for each portion of a month your tax return isn’t filed.
You can file for an extension with an IRS Free File partner even if you don’t meet the eligibility requirements for a free federal tax return, according to the IRS. To avoid failure-to-pay penalties, pay any balance due by the April 15 deadline when filing the extension.
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This article originally appeared on GOBankingRates.com: 3 Things To Do Right Now If You’re Behind on Your Taxes
