15 Last-Minute Tax Filing Tips You Need to Have

At this point, a lot of people have completed their 2021 tax returns. If you haven't, don't panic. You still have time to get the job done -- and these tips could make that a lot easier.

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Normally, the tax filing deadline is April 15. But this year, the deadline has been moved to April 18. The reason is that Emancipation Day -- a Washington, D.C., holiday -- takes place on April 15. So if you're behind on your taxes, you might have more time to complete them than you thought.

The freelance gig you did that earned you $800 last year? That's income the IRS needs to know about. If you don't report it and the IRS receives a 1099 form indicating you were paid that sum, your return could be flagged for an audit.

ALSO READ: Can the IRS Audit an Old Tax Return?

If you didn't receive a 1099 form from your bank or brokerage account and you're running up against the tax filing deadline, don't panic. Often, you'll find those forms by logging into your account.

If you hold certain private investments, you might still be waiting on one or more Schedule K-1 forms, as those are notoriously late. If that's the case, contact each issuer in question and ask for your form to be expedited.

If you received advance payments for the boosted Child Tax Credit in 2021, then you'll need to figure out how much of the credit you're still entitled to. Ideally, you'll have received Letter 6419 by now, which should summarize the payments you've gotten to date.

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Last March, the IRS began sending $1,400 stimulus checks out after the American Rescue Plan was signed into law. Not everyone got their money right away. But if you think you're eligible for a stimulus that never came in, make sure to claim it this year when you file your taxes.

ALSO READ: Democrats Unveil Plan for New Quarterly Stimulus Checks

Itemizing on a tax return takes longer than claiming the standard deduction. But it could also result in more tax savings -- so don't skip that step, even if you're pressed for time. If you have all of the right information, it may not take you that much longer to claim different deductions individually.

You may have thought you could handle your taxes on your own. But if that's not the case, and your situation has gotten more complicated, it may not be too late to hire a tax preparer. Just be sure to make that call sooner rather than later.

ALSO READ: 4 Reasons to Get Tax Help This Year

If you earn $58,000 or less, you may be eligible for free tax help under the Volunteer Income Tax Assistance (VITA) program. You can also qualify if your English skills are limited. Additionally, there's aid available to older tax filers who need assistance.

Too many mistakes on your tax return could cause the IRS to reject it. And even if that doesn't happen, it will likely delay your refund. Take some time to verify that you've entered the correct Social Security number, chosen the right filing status, and avoided math errors.

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The IRS is allowed to audit a tax return up to three years after it's filed. Therefore, it would be a bad idea to dump your tax documents once your return is complete. Instead, find a safe place to keep them, or scan them and store them electronically.

If you're convinced you won't get your tax return done by April 18, be sure to at least ask the IRS for an extension by that date. Doing so will give you six more months to complete your return, and it could help you avoid costly penalties.

ALSO READ: 3 Things to Know About Getting a Tax Extension

A tax extension will give you more time to submit your return -- not pay the IRS. If you owe money and don't pay by April 18, you'll incur interest and penalties, so do your best to estimate your tax bill and send that money over.

You may have underpaid your taxes in 2021 due to a number of reasons. If that's the case, and you now owe the IRS money, don't stress. You'll generally be able to get onto an installment plan, which will let you pay your tax debt off over time.

If you're getting money back from the IRS, ask that it land in your bank account directly. If you're forced to wait for a check to arrive in the mail, you may have to go without that money for longer.

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Filing a tax return can seem like a daunting task. If you haven't yet completed it, use these tips to make the process go as smoothly as possible.

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