1-877-62-CAROD

Charlotte Property Management Blog

Tax Preparedness


Sherkica Miller-McIntyre - Friday, April 14, 2017

Christian or not, some received a major blessing for Easter. The 2017 Federal income tax deadline this year is the 18th instead of the 15th of April. Easter weekend notwithstanding, the change in the deadline has nothing to do with Easter. A little known holiday is responsible for your slight reprieve this year. Celebrated in Washington, D.C., Emancipation Day commemorates the DC Compensated Emancipation Act of 1862 that ended slavery in the nation's capital. The actual day of the holiday is April 16 but it is recognized on a Friday if that day falls on a Saturday and Monday if it falls on a Sunday.

So, some…many may benefit because IRS regulations prohibit the tax filing deadline from falling on a Saturday, Sunday or a legal holiday. Even with a few extra days, there will be some that still need an extension or just decide to accept the consequences of delayed filing. No judgment, but it doesn’t have to be that way. If you think about it logically, you have 364 days to prepare! An entire year. Instead of telling you how to properly go into panic mode and get everything in by the 18th, we’re going to focus on best practices to avoid last minute filing, last minute errors, and the consequences that ensue.

4 Ways to Prepare for Tax Season 2018

  1. Have all of your information. If you do your own, it’s a given, but if you drop off your box of papers at your local tax prep office, make sure all of your info is included, that all I’s are dotted and T’s are crossed. Write every possible number down and keep it in a continuously updated file for quick access. (Social Security, birth dates, tax id’s, etc.)
  2. Tax filing is information gathering. Make life easier by staying organized. As paperwork comes in, file it. W-2s, 1098s, 1099s, etc.
  3. Hang on to each and every “year-end statement”. Every financial aspect of your life is important. For proper credit and adherence to regulations, make documentation of finances an ongoing priority.
  4. Give (to charity) ‘til it hurts…but, save your receipts!

While every tax filer's situation is their own, all taxpayers have a similar experience. That's because the IRS demands certain information from everyone. But, filing taxes doesn't have to be an annoyance. You can be less frustrated and more efficient if you have all the material at your fingertips if you simply plan ahead. By being prepared, you'll be ready to file your return at the earliest possible moment. Remember, the early bird gets…to relax next April!

By: Alicia M. Caldwell, AMC Literary Services