The Tax Filing Procrastinator’s Guide

So, you meant to file your taxes early this year. You really did. But somehow, here you are still trying to get things together. The good news is that you can still file on time, avoid penalties, and get through this with minimal stress. Here’s your last-minute survival guide to filing taxes before the IRS starts sending you those lovely reminder letters.

Step 1: Don’t Panic (But Also, Don’t Ignore It)

First things first: Breathe.

You’re not alone. Millions of people wait until the last minute to file. Thankfully the IRS doesn’t send agents to your house for procrastinating (as long as you actually file).

Here’s What Happens If You Don’t File On Time:

1. If You Owe Taxes, you’ll get hit with a failure-to-file penalty (5% of what you owe per month, up to 25%).
2. If You’re Owed a Refund, you won’t get your money until you file. (If you wait more than three years, you forfeit it!)

No matter what, file something before the deadline, even if you can’t pay in full.

Step 2: Gather What You Can

You don’t have time for a perfect, color-coded tax file, so let’s focus on the must-haves.

Essential Tax Documents to Grab ASAP:

1. W-2 (if you’re employed).
2. 1099-NEC (for freelance or gig work).
3. 1099-INT or 1099-DIV (for bank interest or investments).
4. Mortgage interest (1098) (if you own a home).
5. Student loan interest (1098-E) (if you have loans).
6. Charitable donation receipts (if you plan to itemize).

If you’re missing a form, check your email, payroll portal, or online bank account as many forms are available digitally.

Step 3: Make Your Tax Appointment

Here is where Modern Ledger can help. Reach out to make your tax appointment – either in person or virtually. We can take care of the filing prep-work. You have the same option to submit documents, either in person or via our secure client portal. We want to provide options so you can choose what works best for you.

Step 4: File for an Extension (If You Can’t File in Time)

If you absolutely can’t file before the deadline, file an extension to get until October 15 to file your taxes. Modern Ledger can take care of this for you as well.

Important to Note:

1. An extension does NOT give you more time to pay, only more time to file.
2. If you owe taxes, you still have to estimate what you owe (without the accountant’s calculation) and pay by April 15.

If you need extra time, file an extension and make a payment if you expect to owe.

Step 5: Tax Appointment #2.

After Modern Ledger has prepared your tax return, we’ll reach out to schedule tax appointment #2. That’s where we’ll review your return with you, answer questions & you’ll sign. We’ll take care of the filing part for you.

Step 6: Celebrate – You Made It! Now Plan for Next Year!

Once you’ve filed, breathe a sigh of relief. You survived tax season (even if it was a close call).

How to Make Next Year Less Stressful:

1. Set up a “Tax Folder” – Keep all documents in one place throughout the year.
2. Adjust your withholdings – If you owed a lot or got a huge refund, tweak your W-4 form.
3. Track deductions & expenses – Apps can help.
4. File early next year! (Future You will be grateful.)

Put next year’s tax deadline in your calendar now.

You’ve got this!