Over the weekend, the IRS made a big announcement: they’re launching a new TikTok account, where agents perform interpretive dance routines to explain new tax legislation.
Didn’t see that headline? That’s because it didn’t happen – April Fool’s!
(Although honestly, if it would make tax legislation more digestible, I might support their unorthodox methods.)
But here’s something I’m not fooling about: Tax Day is in 15 days. No pranks. No punchline. If you haven’t filed yet, it’s officially go time.
Now, if you have already filed and you’re wondering when your refund will drop, go here for the most up-to-date info — straight from the IRS’s mouth. (They update once every 24 hours, usually overnight.)
But if, for whatever reason, you still haven’t gotten around to filing, it’s time to hustle. There’s still room to strategically save, even as we’re in the final stretch.
Once your return has been filed, that’s when the real fun begins – we can dig into long-term tax strategy (AKA, where you really optimize your savings). That’s the kind of work I love doing for my Harris County clients in the off-season.
But right now, you need to be laser-focused on the hurdle right in front of you: the tax deadline. There are strategic moves you need to make NOW to meet that deadline the tax-smart way.
If you want help with any of this, here’s where you can reach me:
calendly.com/postalplustax
Dominic Nguyen’s Last-Minute Tax Filing Tips For Maximizing Your Savings
“If it weren’t for the last minute, nothing would get done.” – Rita Mae Brown
Maybe you owe the IRS, and you want your money to accrue as much interest as possible before it leaves your bank account. Or perhaps you were confused by the recent news of IRS layoffs and thought filing wasn’t necessary this year.
Or maybe…you just procrastinated. Plain and simple.
I’m not here to wag a finger at you about last-minute tax filing. But I do want to urge you: file before it’s too late.
No, you may not have time on your side now. But the consequences of not filing at all are much greater than the benefits you’ve lost by procrastinating. I’ve seen the consequences many times with Houston clients who walk through my door.
So, here’s my best advice on making the deadline, even with mere days to spare.
Tip #1: Make a plan.
Figure out what your realistic course of action is, based on your current situation. Ask yourself a few questions…
1) Can I get on a tax professional’s calendar before April 15th? (Mine is nearly booked solid, but I may still be able to squeeze you in if you act fast: calendly.com/postalplustax )
2) Do I have all my tax documents on hand? If you’re still waiting on a revised 1099 or a Schedule K-1, filing an extension might be your best option (more on that below).
3) Do I have the time? Yes, the time it takes to process your return mostly falls on me, but you’ll need to commit a few hours too (for gathering documents, discussing strategy, and signing forms). Can you commit to blocking out that time before the deadline? If not, you’ll want to look into filing an extension.
Tip #2: Gather your documents.
Now, if you’re not sure of your answer to question 2, I’ve got a handy checklist for you on my website: www.postalplustax.com. Because you’re in the rush of last-minute tax filing, you’ll likely forget some things. I’d advise you to at least use it to double-check you haven’t missed anything critical.
Because if you show up missing key documents, you stall your own filing process, putting yourself at greater risk of penalties. And if you forget to bring less key (but still important) documents for things like charitable donations, medical expenses, or childcare costs, you can miss out on big credits and deductions.
Tip #3: Closely check the deductions and credits list.
With last-minute tax filing, I see a lot of my Houston clients overlook big deductions or credits they could take. The IRS has a comprehensive list here that’s worth a glance.
This is where all the tax-smart moves you’ve been making pay off – so don’t let stress rob you of the opportunity to boost your tax savings. If you don’t think you’ll be able to get the necessary documentation for all the credits and deductions available to you under the time crunch, file for an extension.
Tip #4: Make April 15th count.
April 15th isn’t just the federal tax deadline – it’s also the deadline for…
- IRA or Roth IRA contributions for tax year 2024: up to 6.5K, or 7.5K if you’re 50 or older (a big opportunity to knock down your taxable income).
- HSA contributions for the 2024 tax year. The limit is 4.15K for self-only coverage, and 8.3K for family coverage (plus a 1K catch-up contribution if you’re over 55).
- Filing a return to claim a refund for tax year 2021. If you didn’t file your 2021 tax return and you’re owed a refund, this is your last chance to claim it (or else forfeit that money to the IRS).
- If you’re age 73 or older in 2024, don’t forget to take your RMDs from your traditional IRA or 401(k). Failing to take your RMD can result in a penalty of 25 percent of the amount you should have withdrawn (though that can be reduced to 10 percent if you fix the mistake promptly). If you don’t need the money, consider using a qualified charitable distribution from your IRA. It can count toward your RMD without adding to your taxable income.
Tip #5: File an extension.
I’ve encouraged you a few times already to file an extension if you’re too rushed for time – so how do you do that?
You’ll need to file Form 4868 by the end of the day on the 15th. This will push your deadline to October 15th, 2025 – giving you 6 more months to get your taxes filed accurately and take advantage of all the benefits you can.
But note what I didn’t say – an extension does NOT give you 6 more months before you have to pay what you owe. That’s still due April 15th, like it or not.
So, you need to make an educated guess of what you think you owe the IRS, based on your receipts and tax documents. Then, when you file for the extension, you’ll pay (either electronically, by mail, or by credit card through a specialized provider).
If you’re now looking at your screen with a furrowed brow, don’t worry – we can take care of filing an extension on your behalf. And, we can work with you to estimate what you owe and get your payment in by the deadline.
What happens if you can’t pay? First, pay as much as you possibly can. Then consider your options – you may be able to get an extension of time to pay, claim a financial hardship delay, set up an installment plan, or even negotiate with the IRS.
But DON’T try this on your own. If you think you won’t be able to pay what you owe, come talk to us. Knowledge of how the IRS’s systems work is critical here, and we can help you come up with the best plan for your unique situation.
Don’t forget – I’m in your corner. Making the deadline might feel impossible at this point, but my team and I can help get you filed, on time, penalty-free. You’re not alone in this. Grab your spot on my calendar, and let’s make the 2024 tax year count:
calendly.com/postalplustax
Don’t quit now,
Dominic Nguyen