4 Tax Filing Tips to Help You Beat the April 15 Deadline
March 3, 2025
Millions of Americans wait until the last minute to file their taxes every year, and 2025 is no exception. As of February 7, the IRS had received 23.6 million tax returns—an 8% drop compared to the same time in 2024, reflecting a sluggish start to the filing season. Filing taxes can feel overwhelming, especially as the April 15 deadline looms. However, missing this critical deadline can lead to penalties, interest charges, and refund delays. Below are a few tax filing tips to help you stay on track and meet the deadline without panic.
1. Gather Essential Documents Quickly
One of the most important tax filing tips is to start by organizing all necessary documents. Missing paperwork can delay your filing and increase the likelihood of errors. Key documents include:
- W-2 forms for employment income
- 1099s for freelance or investment earnings
- Receipts for deductible expenses like medical costs or charitable donations
If you’re unsure what you need, use online resources like digital tools and document checklists to help you identify essential forms. Many employers and financial institutions also provide digital access to these documents, which can make retrieval faster and more convenient. You also want to double-check your records to ensure you don’t overlook anything.
2. Choose the Right Filing Method
You have two primary options when filing your taxes: e-filing or paper filing. While both methods are acceptable, e-filing remains the fastest and most reliable option, with the IRS processing most electronic returns within 21 days compared to six to eight weeks for paper submissions. Additionally, e-filing reduces errors thanks to built-in checks in tax software.
Consider using reputable tax software online if you’re comfortable handling your taxes independently. These platforms guide you through the process, often including tools to identify deductions and credits. The IRS Free File program offers free electronic filing services for those eligible with an adjusted gross income (AGI) of $84,000 or less in 2024.
3. Maximize Deductions and Credits
One of the most effective tax filing tips is to take full advantage of available deductions and credits. Deductions reduce your taxable income, while credits directly lower the amount of tax owed. Common deductions include:
- Student loan interest
- Medical expenses exceeding 7.5% of your adjusted gross income (AGI)
- Home office expenses if you work remotely
Tax credits like the Earned Income Tax Credit (EITC), which could provide up to $7,830 in refunds for eligible filers in 2025, can also significantly impact your return. Keep digital copies of receipts for deductible expenses for documentation purposes.
4. File an Extension If Necessary
If you’re unable to meet the April 15 deadline, filing an extension using IRS Form 4868 gives you until October 15 to submit your return. However, it’s important to note that this extension only applies to filing—not paying taxes owed. To avoid penalties, estimate your tax liability and pay at least 90% of what you owe by April 15. TaxAct and other platforms make it easy to e-file extensions while calculating estimated payments based on available information. Failing to pay on time results in penalties and interest charges that can add up quickly. For instance, late payments accrue interest at approximately 8% annually as of 2025, so you still need to meet the deadline.
Tax Filing Tips: Beat the April 15 Deadline
Filing taxes doesn’t have to be overwhelming when approached methodically. With these tax filing tips, you can confidently meet the April 15 deadline. You want to act now rather than wait until the last minute. Start gathering documents today and decide whether e-filing or requesting an extension suits your situation. Electronic filing speeds up processing and minimizes errors that could delay refunds.
For those looking to stay better organized in future tax seasons, New Valley Bank & Trust offers personal banking solutions designed to simplify financial management year-round. Explore our accounts at New Valley Bank today and start planning for next year’s tax season.
