Tax Prep Tips from ComPsych Time to File!

The deadline for filing individual returns for the 2023 tax year is April 15, 2024. Filing a tax return can be a tedious and time-consuming task. Lutheran Senior Services’ EAP partner ComPsych offers some tips.

 Start Early

Get started now. Organize receipts, paycheck stubs, financial records, mortgage statements, and other

important documents. Try to estimate how much you will owe or be refunded. Schedule enough time to complete your return and avoid the filing deadline rush.

 Educate Yourself

Learn about the latest tax laws so you can take advantage of as many deductions, exemptions, and credits as possible. Visit the IRS website at irs.gov or call the IRS toll-free at 800.829.1040 for help.

 Consider Outsourcing

Consider hiring a CPA, financial planner, or tax attorney for a complex return.

 Know Your Options

Understand your payment options. There are alternatives if you cannot immediately pay the taxes you owe. Installment agreements can be applied for at irs.gov, and there are several options for charging the balance on a credit card. The IRS won’t tack on a fee for credit card payments, but the processing companies will charge a convenience fee.

 Extension Time

When all else fails, you can request more time. Submit IRS Form 4868: Application for Automatic Extension of Time to File U.S. Individual Income Tax Return and receive an automatic six-month extension to postpone your filing date. While this pushes back the due date for the paperwork, it doesn’t give you more time to pay taxes due. You will owe interest on any amount not paid by the May 17 deadline, plus a late payment penalty if you have not paid at least 90 percent of your total tax by that date.

 LSS Perks

Score some great discounts on tax filing products and services through the LSS Perkspot portal. 

 Additional Resources

ComPsych offers Toolkits on topics from Financial Wellness to videos on Tax Return Errors-Tips to Avoid Them, Free Help Preparing Your Tax Return, and Tax Filing Status. Check out all of the resources at www.guidanceresources.com.