What to know when filing your taxes

The deadline to file taxes is just a few days away. While some people do it early, others choose to wait right up until April 15.

If you fall into this category, Pew Law Center has a few tips to make things less stressful.

Be prepared

It’s very important to have all of your forms in one place when filing your taxes.

Besides having W-2s from your workplace or 1099s for independent contractors, other tax statements that will come in handy are additional income from investments, real estate as well as contributions to your retirement savings.

While there are many more items than can be put into this mix, having these statements can make the process go a lot smoother as the deadline approaches.

Don’t be in a rush

You waited until April to get your taxes filed, so don’t rush things, you still have time.

One of the best things that you can do is take the time to review last year’s tax return to see if you did similar deductions.

This can help make sure you don’t overlook anything tax saving deductions and credits.

Health Insurance

Under the Affordable Healthcare Act, everyone is required by law to have health insurance.

Make sure to have the proper documents to prove you’re insured whether you file your tax return on your own or get help from a tax professional.

While the tax penalty has been small since it was first implemented, it has been gradually growing every year.

Last but not least; Do you file an extension?

This is something millions of Americans do every year. Some may think its because of procrastination, but for a lot of people, it’s about needing more time to prepare for their tax return.

Whatever the reason, you need complete Form 4868 http://www.irs.gov/pub/irs-pdf/f4868.pdf

But remember doing this doesn’t mean filing an extension is putting off time to pay if you owe, it’s just extending the time to file.