Tax Day Countdown: 4 Smart Moves To Make Before You Hit ‘Submit’
Written by
Josephine Nesbit
Edited by
Jenna Klaverweiden
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Tax Day is almost here, but there’s still time to check over your return and make adjustments before you hit “submit.” A good review of your return can help you avoid penalties, reduce the risk of processing delays, and confirm you haven’t overlooked valuable credits or deductions.
Before you file your taxes, here are some smart moves to make sure everything is accurate and complete.
Also see six money hacks to make doing your taxes easier.
Check for Errors
“The smartest thing you can do before filing your return is to check it for errors, even if you hired a professional,” Gene Bott, CPA, tax advisor and partner at Tax Hive, wrote in an email. “Everyone makes mistakes, and it’s a good idea to look closely and make sure your return matches your expectations.”
According to the IRS, the most common tax return errors are typically simple, such as missing or inaccurate Social Security numbers, misspelled names, and math mistakes, and most can be avoided by filing electronically.
Compare With Last Year’s Tax Return and IRS Transcripts
Bott also recommended comparing this year’s tax return with last year’s. “Does it change year over year in ways you expect? Or does it line up as it should? If not, look for what’s driving the change, or ask your tax professional what happened,” he said.
J. Anton Collins, a tax defense attorney at Tax Law Offices Inc. and a former IRS official, recommended comparing your tax return with your IRS transcript, a detailed record of your tax return information from the IRS.
“Look at carryforwards. Capital losses, net operating losses and unused credits that can materially reduce what’s owed,” Collins wrote in an email.
Request an Installment Agreement If Needed
No cash flow? Collins recommended filing a request for an installment agreement.
“If you don’t have the cash flow, a filing with request for an installment agreement so that at least a return has been filed to avoid failure-to-file penalties, which are much more costly than failure-to-pay penalties,” he explained.
You can apply for an installment agreement online through the IRS website, by phone or by submitting Form 9465 with your tax return.
Confirm Bank Details
And before you hit “submit,” always double-check your bank information.
“Confirm bank account numbers for refunds, check your identity protection PIN and keep your records,” Collins explained.
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