North Carolina Tax Preparation: Last-Minute Filing Tips You Can’t Afford to Miss
Did you know that about 40% of North Carolina taxpayers turn in their taxes during the week before April 15? Rushing to file can cause people to overlook deductions, make expensive mistakes, and face IRS fines. If you haven’t filed yet, stay calm. Gibson Tax focuses on personal tax prep and can help you file and on schedule. Here’s what you should know as the deadline approaches.
5 Common Last-Minute Tax Filing Mistakes (And How to Avoid Them)
Waiting until the last minute to do your taxes can result in expensive errors:
- Not Reporting All Income
- Many people forget to include money from side jobs, freelance work, or investments.
- Tip: Check your W-2s, 1099s, and investment reports twice to make sure you’ve included all income.
- Overlooking Valuable Deductions and Credits;
- People often miss deductions for student loan interest medical costs, and money put into retirement accounts.
- Tip: Look at last year’s tax return or use tax software to spot possible deductions.
- Making Simple Mistakes That Slow Down Processing
- Spelling errors in names wrong Social Security numbers, or incorrect bank details can hold up your refund.
- Tip: Spend a few extra minutes to check all your personal info before you send it in.
- Not Filing for an Extension When You Need One
- If you can’t file by April 15, you can get until October 15, but you still need to pay any taxes you owe by the deadline to avoid fines.
- Tip: Use IRS Form 4868 to ask for more time.
Trying to Do It Alone Instead of Getting Help
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- Doing your taxes by yourself might mean you miss deductions or catch the IRS’s attention.
- Tip: Working with a tax expert in North Carolina helps ensure everything’s correct and gives you peace of mind.
North Carolina Tax Law Updates for 2024
Tax laws often shift, and knowing the latest updates can save you cash. Check out these important North Carolina tax changes for 2024:
- Reduced State Income Tax Rate – The tax rate drops to 4.5% down from 4.75% in 2023.
- Standard Deduction Stays the Same –
Single filers: $12,750
Married filing jointly: $25,500
Head of household: $19,125 - Retirement Income Considerations – Social Security benefits remain tax-free, and some retirement payouts might qualify for deductions.
Teaming Up with a Tax Pro? Here’s Why!
Filing your tax return more than beating the clock—it’s a chance to maximize your refund and avoid costly errors.
Team up with us at Gibson Tax, and here’s what you snag:
- Spot-on income statements
- Bigger tax breaks and bonuses
- Solid guarantee you’re good with both state and fed rules
Quick Checklist for Last-Minute Filers
Make sure you have all your income papers like W-2s, 1099s, and stuff about your investments
- Look into stuff you can subtract from your taxes or credits you can get if you paid for things like college loans or medical bills
- Double-check your forms for any mess-ups like wrong names, Social Security numbers, or your banking details
- If you need more time ask for a bit longer to file your taxes but remember to pay what you owe
- Reach out to Gibson Tax when you need someone in the know to help you file your taxes right
Don’t Wait Until It’s Too Late—Schedule Your Appointment Today
Schedule your tax appointment now to avoid the last-minute rush.
If you wait until the last second every year, you could skip over ways to lower what you owe, slip up with something big, or get hit with a fine from the IRS. Don’t be that person.
Reach out to Gibson Tax soon if you want to secure your place and make sure your tax papers are a breeze and on point. Don’t wait—secure your appointment now before slots fill up!
Call now to get started.
