Simplified Finances

Procrastinator’s Guide to De-Stressing About Filing Your Income Taxes – 2016

Don’t panic! Since the 15th falls on a weekend this year and because Monday is observed as the day off for Easter, tax returns are due Tuesday, April 18th. Go ahead and sigh in relief.

Even with the extra days, that is still right around the corner. This post is meant as a quick cheat sheet of handy quick resources for all those procrastinators out there.

First Things First

Figure out what form you need to be filing.

If your financial situation is relatively simple - i.e. only 1-2 sources of income from employment, no investments, no dependants and minimal big changes or events - you should be good to go with filing the 1040EZ. And for most EZ filers you are eligible to electronically file your federal (and sometimes state) income taxes for free. Click here for the IRS’s guide to free filing websites.

If you are married, have dependants, own property/investments or a business, then you’re likely looking at the regular old 1040.

Next question to ask yourself, is if you have all your documentation ready. If yes, choose you fave tax preparer, such as : Turbotax, H&R Block, Liberty Tax

If you’re doing it yourself (DIY taxes needs to become a thing), here are some handy resources:

All the IRS’s forms and instructions

Tax Table 2016

Easy to understand FAQ’s and explanations

This Is Still Too Much For Me

If this even feeling overwhelming still, remember that help and options are available. The most handy thing you can do is buy yourself some more time. The IRS allows an extension to mid-October for filing, as long as you submit the request on time. You can do this for free by printing out and sending in the extension request.

 

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