The tax filing deadline is April 15, and while you still have some time left, there are some important steps you can take now to make sure you're prepared.
Bree Shellito from ENT Credit Union, shared five pieces of advice to keep in mind when you file.
- Get all your paperwork together, including documents, income and deductions. "Procrastination only adds stress," Shellito explained. "Start exploring payment options now so you can handle with confidence."
- Find a good tax professional. "Don't hesitate to ask for help if you need it.," Shellito said. "A tax professional or trusted resource can make this process way easier." There's a list of free or low-cost tax filing resources at the end of this article.
- If you get a tax refund, use that money wisely. Shellito suggested using that money on any high interest debt, such as credit card debt. If you don't have any high interest debt, she said you could build up your emergency fund, or put the money toward long-term goals like a car, house or retirement.
- If you don't get a refund and end up owing more than expected, Shellito said you can check if you qualify for an IRS payment plan. Then, she suggested adjusting your withholding for next year so you're more prepared.
- Watch out for scammers. "Scammers love tax season, so stay sharp," Shellito warned. They may target you with phishing emails or fake phone calls. Remember, the IRS never calls or emails you out of the blue. Verify everything on the IRS website. You should also be wary of fraudulent filing resources.
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There are a few free or low-cost resources you can consider:
- VITA Colorado is free for those making $64,000 or less per year.
- The United Way has an online service that's free for those making $67,000 or less per year.
- Colorado has its own websiteto help you file your taxes.
- 211 Colorado has resources to file online and in-person for free.
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