Haven’t filed your taxes yet? If you're one of the many tax procrastinators, don’t worry — you’re not alone. Here’s a rundown of things to keep in mind as you approach the final stretch and tips on how to make the most of your last-minute filing.

Double-check your information

One of the most common mistakes people make when filing taxes is overlooking small details. Before hitting submit, take a moment to double-check all your personal information. Ensure your name, Social Security number, address, and banking details are accurate. Any errors in these details can lead to delays or rejected returns.

Additionally, review your income and deduction documentation. Did you get all your W-2 forms, 1099s, and other income statements? Sometimes a form that is unaccounted for can cause a headache down the line. If something is missing or incorrect, contact the provider immediately. Don’t leave this until the last minute. It can be difficult to correct errors after the deadline has passed.

Don’t forget about deductions and credits

Last-minute filers often forget to take full advantage of deductions and credits that could save them money. Common deductions include student loan interest, mortgage interest, and medical expenses, while credits like the Earned Income Tax Credit (EITC) and Child Tax Credit can provide significant savings.

If you're filing late, don’t assume you’ve missed the opportunity for tax breaks. Even though you may be pressed for time, it’s worth spending some extra effort to ensure you’re claiming all that you are entitled to. Many tax preparation and software tools provide prompts to help you identify potential deductions and credits that can maximize your refund or reduce your liability.

Consider filing an extension if you can't meet the deadline

If you're unable to file your tax return on time, don’t panic. You can file for an extension, which will give you an additional six months (until October 15) to submit your return. However, it’s important to understand that an extension only lengthens the time you have to file, not to pay owed taxes.

If you owe taxes, you must still estimate and pay what you owe by the original deadline (April 15). Failure to do so could result in penalties and interest, so it’s crucial to make a payment even if it’s only an estimate. Filing an extension is typically done electronically through IRS e-file or on paper with Form 4868.

Check out last-minute tax savings

As you approach the final days of tax filing, there are still tax-saving strategies you can use. For example, contributing to your individual retirement account (IRA) or health savings account (HSA) before the deadline can reduce your taxable income. For 2024, you can contribute up to $7,000 to an IRA (or $8,000 if you’re 50 or older) and still deduct that contribution on your taxes.

Another option is taking advantage of any employer-sponsored retirement plans. If your employer offers a 401(k) or similar retirement plan, contributing more to your account before the deadline can lower your taxable income and help you save for retirement.

Even if it’s too late to make contributions for this tax year, you can begin planning ahead for next year’s tax savings by setting aside funds for these accounts or other tax-advantaged opportunities.

Keep good records and avoid common mistakes

One of the easiest ways to speed up your filing process in the future is to maintain organized records throughout the year. Keeping track of your receipts, invoices, and important documents like proof of donations, medical expenses, and business expenses will make next year’s filing process less stressful.

Common mistakes include mixing up numbers when entering income data or missing the correct filing status. Check everything twice — especially if you're trying to file in a rush. Incorrect filings can lead to tax audits, delays in refunds, or penalties. Taking an extra minute to verify your entries is worth it in the long run.

What to do if you miss the tax deadline

If you miss the filing deadline without filing for an extension, the IRS may impose penalties and interest on any taxes you owe. The penalties are typically 5% of your unpaid taxes per month, and interest can add up quickly, which is why it’s critical to file as soon as possible. If you cannot afford to pay in full, you can still file your return and set up a payment plan with the IRS.

The important thing is to not stress. By staying organized, being proactive, and taking advantage of available resources, you can wrap up your tax season on a positive note, even if you’re filing at the last minute.

When you’re ready to file, don’t forget your discount. Credit Union members get a discounted rate on TurboTax and H&R Block. You can learn more about your membership advantages by visiting Spectrum Credit Union Membership Benefits.