Have you filed your taxes yet?
Taxes for 2018 are due April 17, just a few weeks away. Don’t leave them to the last minute.
“It’s important to get taxes done before the due date, because if you’re late you’re subject to penalties and late fees by the IRS. If you do file late, they can withhold your refund too,” said Nicole Lunsford, office supervisor for Carson City Liberty Tax Services.
U.S. News also warns to get your taxes out of the way as early as possible, in order to avoid possible tax fraud. In 2017, more than 100,000 people had someone else file their tax return under their name and Social Security number. If you’re unable to file early, just be sure to keep an eye on your tax record. The IRS offers transcript services which lets taxpayers review activity on their record. This method doesn’t prevent identity theft, but it helps taxpayers proactively address the issue, rather than finding out about it while they’re filing.
“Hopefully you jump through the window before someone pretends to be you,” said Lane Mullinax, an attorney and certified financial planner on the Q&A platform JustAnswer.
A simple way to tackle your taxes is to do them online, but if you own a business or have a dependent, it’s better to see a tax specialist in person. This is because not all online tax sites can compute correctly for the IRS’s standards and credits.
After you file, remember to keep your tax papers and documents. Liberty Tax Services recommends a minimum of at least seven years. The IRS has the ability to audit you up to seven years later, so it’s always good to have the documents on hand just in case.