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April 17, 2017March for Science
April 21, 2017Federal (and most state) taxes were due yesterday. I hope you made the deadlines. If you didn't, two things to keep in mind:
1) If you are getting a refund, file for an extension today. It's late, but the consequences will be minimal.
2) If you will owe taxes, clear your schedule to file ASAP. The sooner you file and pay, the smaller your interest and penalty will be.
If you did file, here are some tasks you should take care of so that next year will be easier!
- Make sure that you store this year's return and all supporting documentation in a safe place THAT YOU WILL REMEMBER. Your chances of being audited are small, but why tempt fate?
- Set up a file or box where you can store all tax related documents as they come in throughout the year. This would include receipts for charitable donations, medical or educational expenses, job search expenses, property taxes, etc. You'll be able to handle your taxes much more quickly if everything is in one place.
- Take a look at how much you owed or had refunded this year. Do you need to change your withholding or your estimated tax payments?
- If you are receiving a tax refund this year, the first two things you should use it for are debt reduction and savings. (Note — a new toy or a vacation are not the first two. Just saying.)