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4 Essential Actions to Take Before April’s Tax Filing Deadline

4 Essential Actions to Take Before April’s Tax Filing Deadline

As the deadline for filing your taxes approaches, it’s crucial to ensure that you are well-prepared and organized. Here are four important actions to take before April’s tax filing deadline: 

  1. Gather and Organize Your Tax Documents

The first step in preparing for the tax filing deadline is to gather all the necessary documents. This includes W-2 forms from employers, 1099 forms from banks and other payers, receipts for deductible expenses, and any other relevant paperwork. Organizing these documents will streamline the filing process and help you avoid last-minute scrambling. 

  1. Consider the Option of Filing for an Extension

If you anticipate that you won’t be able to file your tax return by the April deadline, consider filing for an extension. This will give you additional time to complete your return without facing penalties for late filing. However, it’s important to note that while an extension grants you more time to file, it does not extend the deadline for paying any taxes owed. 

  1. Review and Maximize Deductions and Credits

Before filing your tax return, take the time to review potential deductions and credits that you may be eligible for. This can include deductions for contributions to retirement accounts, charitable donations, and educational expenses. Maximizing these opportunities can help lower your taxable income and potentially increase your tax refund or reduce the amount of taxes owed. 

  1. Plan for Tax Payments and Adjust Withholding if Necessary

As the tax deadline approaches, it’s essential to plan for any tax payments that may be due. If you anticipate owing taxes, ensure that you have allocated funds to cover this obligation. Additionally, if you’ve had significant life changes, such as a new job or a change in marital status, consider adjusting your withholding to align with your current tax situation. 

Taking these actions before the April tax filing deadline can help alleviate stress and set you up for a smooth and successful tax filing process. Remember to consult with a tax professional or financial advisor for personalized guidance based on your circumstances. 

For more knowledge and strategies necessary to confidently navigate the multifamily real estate sector and optimize tax outcomes, download our FREE Multifamily Investing Tax Tool Kit 

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