LOUISVILLE, KY (WAVE) - The clock is ticking, and the pressure is on for those who haven’t filed their taxes.
Financial professional Tim Riney from Family Wealth Group says the first thing you should do if you haven’t jumped on your taxes is get organized.
Riney says get all your documents together, a W-2 from your employer, 1099 from other sources of income and a 1095 form proving health insurance coverage.
The tax deadline rarely changes, but depending on where you live it could be different. This year it’s April 15th.
“If you don’t meet that deadline there are a couple of IRS penalties, late filing penalty, and late payment penalty if you owe anything," Riney said.
You can also file online. You can get your money faster by using direct deposit. It’s also safer because your check isn’t sitting in your mailbox.
Riney says check for errors. The IRS says some of the most common mistakes are wrong or missing numbers like your social security number. Double check your account and routing number if you are using direct deposit. A mistake here could cause you to lose your refund entirely. There is no IRS procedure for replacing lost electronically transferred funds.
There is time to lower your tax bill by increasing your retirement savings.
“Until April 15th, you can contribute still to your traditional IRA, depends on your income and what you have contributed thus far," Riney said.