15760 Ventura Blvd, Suite 610 Encino, CA 91436
FREE CONSULTATION818-436-2775
15760 Ventura Blvd, Suite 610 Encino, CA 91436
FREE CONSULTATION818-436-2775
Blog
Personal, Affordable Payroll Services, Bookkeeping, and Tax Processing for Small Business throughout Los Angeles County.

Need More Time to File Your Taxes? Some Things To Know To Help You Prepare

It’s amazing how the Income-tax deadline has a way of sneaking up on us. One minute you’re celebrating the holiday season and next thing you know…POOF, it’s April!

If you’re like most people, that April 18th tax deadline can feel like a ticking time bomb. And if you know you need more time to file, the pressure can feel even WORSE!

But should you find yourself needing more time to file, don’t panic! The good news is you can get an extension. 

REALLY? Yes!

Here’s what you need to know about getting more time to file your taxes.

WHAT TO DO IF YOU KNOW YOU NEED MORE TIME TO FILE BEFORE THE TAX DEADLINE 

All you need to do is to go to the IRS website and file an extension by completing Form 4868, online or by mail, no later than April 18th. It doesn’t matter what your reason is for requesting the extension, you can still fill out the form.

This will give you additional time to breathe and gather your thoughts.  

It’s really that simple. 

Plus, once you file the extension you will have an additional 6 months to get your documents together, prepare and file your tax return.

WHAT YOU NEED TO START GATHERING TO PREPARE YOURSELF AS SOON AS POSSIBLE!

Filing your taxes can be daunting, but it’s important to make sure you have everything you need before you get started. 

Here’s a checklist of what you’ll need to file your taxes this year.

  1. Personal Information such as:
  • You social security number/tax ID number;
  • Your spouse’s full name, social security number/tax ID number and date of birth;
  • Information about your stimulus payment;
  • IRS Letter 6475 (Economic Impact Payment) helps determine eligibility to claim Recover Rebate Credit.
  1. Dependent Information:
  • Date of birth and social security number/tax ID numbers;
  • Childcare records;
  • Income of dependent or other adults in the home;
  • IRS Letter 6419 (Advance Child Tax Credit)
  1. Source of Income:
  • W-2 if employed;
  • 1099-G for unemployment;
  • 1099, 1099-Misc, 1099 -NEC, Schedules K-1 if self-employed
  • In home office information;
  • Records of all expenses, i.e. receipts, check registers, credit card statements.
  1. Rental Income.
  1. Retirement Income.
  1. Savings & Investments or Dividends.
  1. Types of Deductions:
  • Home Ownership-1098 Form or other mortgage interest statements, real estate and personal property tax records, energy saving home improvements.
  • Charitable Donations-Schools, House of Worship and other charitable organizations.
  • Medical Expenses.
  • Miles driven for medical and charitable purposes.
  • Health Insurance including Form 1095-A if enrolled in Marketplace.
  • Daycare Expenses.
  • Educational Expenses.
  • State and Local Taxes.

At the end of the day, unless you’re an accountant or a financial professional, filing taxes is not something anyone looks forward to. Preparing for them can be stressful and confusing. 

Keeping track of your income and expenses throughout the year can help you make a huge difference when it comes time to file. 

This way you hopefully won’t have any surprises come tax time!