Preparing Taxes At The Last Minute?

By: Rachel Yoshida

There is probably more procrastination that occurs because of taxes than anything else known to man. Every year when we finally get our taxes filed, we always say that we will not wait until the last minute next year. Then next year comes and we end up being even later getting it done than the year before. Why does this happen so often to so many? It probably has to do with the fear that we all feel when it comes to dealing with the IRS. Just thinking about getting audited is enough to make us cringe.

When you have taxes that are relatively simple to file, many people get right on it and get them done. They are usually the ones that know they will be getting back a refund. For those of us who have complicated returns to file, it can feel like that box of chocolates in the Forrest Gump movie, we never know what we are going to get! This is what can make it so scary. We end up doing the exact opposite of what we should do which is get prepared early and better our chances of not making last minute mistakes because we have to do a rush job to get our taxes in on time.

Making mistakes on complicated tax returns is a real possibility and it should make us a little wary. If you have a broad knowledge of tax related issues, you might be brave enough to go it alone and do the forms yourself. Unfortunately for the vast majority of us, this is not the case. A lot of people are trying to use computer software to help them get their taxes ready to file. This can be very beneficial and a lot cheaper since a lot of tax preparation software can be purchased for around fifty dollars or so, but a box will be cold comfort to take with you when and if you are audited.

It can also be difficult to find a CPA that is available at the last minute also. They might be able to squeeze you in, but do you really want to have that last minute rush job applied to your taxes? Even so, if you use a CPA, at least if you get audited you will have a real live person and not a box to stand with you.

You can also visit the internet website, IRS.gov. Here you can have access to the forms you will need and they do have a lot of help available if you need it. This is a fee service that you can use. Here you will also be able to find out about how to file an extension if you are totally not prepared to send your taxes in yet. You will need to read all the rules and regulations about the extension so you will know the advantages and disadvantages of filing one.

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