With over 4 million monthly visitors, we here at FindLaw.com know that last minute tax filing is an American tradition. Nay, a rite of passage.
Even though the U.S. Government pushed back Tax Day to April 18th, you might still find yourself on the wrong side of procrastination this year. Don't worry. With a wealth of information on taxes and last minute filing, we here at FindLaw have got your back.
In fact, if you've decided that 2010 is your year to procrastinate, here are our top 3 tips for making your tax (and refund) day painless.
1. To itemize or not to itemize? That is the tax question. Before you sit down to do your taxes, figure out whether you're going to itemize or take the standard deduction. Itemizing may net you a bigger write-off, but last minute, it requires impeccably organized records and sufficient time.
2. Out of work? Deduct those job hunting expenses. With unemployment rates surging, perhaps the most important--and probably the most forgotten--deduction this tax season will be for job-seeking expenses. So if you took part in the Great Job Hunt of 2010, don't forget to deduct the associated costs.
3. Make a list, check it twice. Did you know that tax refund delays are most often caused by missing or mismatching personal information? It's the plight of the last minute filer.
Be sure to print out FindLaw's Final Review Checklist and go through it twice--once when you've finished your taxes, and once with fresh eyes. Hopefully you'll catch any misprints before it's too late.
If it comes down to the wire and you simply don't have the time to file your taxes, it's time to file for an extension. Keep in mind that an extension is not a license not to pay--you'll still have to make an estimate and write a check to the IRS in a few days.