We’re in the final stretch of tax season. If you haven’t filed yet, you’re not alone. The IRS says about 25% of Americans wait until the last two weeks to file.
Maybe life got busy. Maybe you’re still digging through receipts. Or maybe you’re holding off because you owe money. Whatever the reason, last-minute filing doesn’t have to be a mess—especially if you take a few smart steps now.
And while you’re at it, don’t miss out on valuable tax credits that could lower your tax bill or boost your refund.
Don’t Rush Past These Savings
Before you hit “submit,” take a moment to check if you qualify for any of these:
- Earned Income Tax Credit – For workers with moderate to low income; some grandparents raising grandkids may qualify.
- Child Tax Credit – A helpful break for families with qualifying children.
- Saver’s Credit – If you contributed to a retirement account, you might get a credit for it.
- Education Credits – These can offset the cost of college or other post-secondary education.
- Energy Efficient Home Improvement Credit – For homeowners who made qualifying energy upgrades.
Even a quick review of these could make a real difference on your return.
Get Organized—Fast
The best way to tackle your return without last-minute panic? Get organized. Pull all your key documents together in one spot—whether that’s a physical folder or a digital one.
Not sure what you need? Start with:
- Form W-2 – For income (usually sent by January 31)
- Form 1099-INT – For interest earned
- Form 1098 – For mortgage interest paid
- Receipts – For business, medical, or education expenses
- Social Security numbers – For you, your spouse, and dependents
Too Late? File an Extension
If you’re still tracking down documents and need more time, don’t panic—you can file for an extension. It gives you six more months to finish your return.
But here’s the catch: an extension to file is not an extension to pay. If you owe taxes, estimate the amount and submit a payment by April 15 to avoid penalties and interest.
What If You Miss the Deadline?
Filing late—or ignoring the deadline—can come with consequences. We’ve covered that in detail in another article, but here’s the short version:
- Late filing penalties
- Interest on unpaid taxes
- Garnished wages in extreme cases
- Criminal charges in rare situations
Avoid all that. Even if you can’t pay right away, file on time or get an extension.
Make Next Year Easier
The best time to prep for tax season? Right after tax season. Once you’re done this year, start building good habits for next year.
Set up a dedicated tax folder for 2025, save important documents as they come in, and reconcile transactions regularly—whether you use accounting software, a spreadsheet, or a notebook—make a habit of reviewing income and expenses each month or quarter. It’s much easier than sorting through everything at the end of the year, and it can save you time and stress when it’s time to file.
Resources
Here are helpful links to IRS information and tools mentioned in this article:
More Information
If you have questions, contact us to discuss your situation.
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Patty Ward
Patty has more than 30 years experience in public accounting. She reviews tax returns for high net worth clients, focusing on individual tax work. Her mission is to provide high level service to her clients, reducing their tax burdens, keeping them informed and instilling confidence.
About Smith Patrick CPAs
Smith Patrick CPAs is a boutique, St. Louis-based, CPA firm dedicated to providing personal guidance on taxes, investment advice and financial service to forward-thinking businesses and financially active individuals. For over 30 years, our firm has focused on providing excellent service to business owners and high-net worth families across the country. Investment Advisory Services are offered through Wealth Management, LLC, a Registered Investment Advisor.
