PHOENIX — “Nothing is certain except death and taxes.”
Those are the famous words of Ben Franklin more than two centuries ago, and all these years later, those words still ring true.
But with Tax Day just around the corner, there are some important things to remember to make sure you get your taxes filed on time and correctly.
Tax Day may not be the most exciting day marked on your calendar, but tax partner Jim Ross of ProVision Wealth in Phoenix says it’s an important one to be prepared for.
“Get going… don’t delay,” he said.
This year the tax deadline is on April 15, which is different from last year.
“For the last several years, there’s been federal holidays and the tax deadline was on the 16th, 17th,” Ross said. “But this year, it’s on April 15, so make sure you are ready to file or get your extension done if you’re not ready to file.”
If you have simple taxes, he says Direct File from the IRS is a good option that's available, if you qualify.
“Residents of Arizona do qualify,” Ross said. “If you have business income, or 1099 income, if you have gig worker income, that’s not going to work, but if you just have W-2 type of income, that’s great.”
Ross says you can file with child tax credits or income credits.
“You can have itemized deductions... you can have student loan interest, so it is somewhat flexible,” he said.
Ross says you can’t technically file your state taxes with Direct File, but at the end of the process, it links you to another site where you can file your state taxes.
And keep in mind, there are consequences if you miss the tax deadline.
“If you have unpaid tax after the deadline, you can pay up to 5% per month of the unpaid tax… that’s if you did not file an extension,” said Ross. “If you did file an extension, that goes down to half a percent per month.”
Ross also laid out the most common mistakes people make when filing their taxes.
“If you’re this close to the deadline, the mistake is that you’re rushing,” he said. "You leave a form out, you forgot, or you miss-key something, because you’re typing it in too quickly or you put something in the wrong place.”
Ross says there are many great resources to take advantage of, including NerdWallet’s checklist.
“Look at what you gathered last year in your file,” Ross said. “It’s probably most of the same things that you need.”
For people who waited until the last second, Ross' best advice is to talk with your CPA.
So again, April 15 is the filing deadline for 2023 taxes. Taxpayers can get an extra six months to file if they file for an extension by Monday, which gives them until October 15th.
But there is no extension on payments, so if you expect to owe money, the IRS recommends you send a payment by Monday to avoid interest and other penalties.
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