April 15 marks the 2024 tax deadline. If you haven't started, don't panic! Follow these steps to file your taxes efficiently.

Whether you're a last-minute filer or just busy with daily life, we understand how overwhelming tax season can be. Mark April 15 on your calendar! If you're already feeling the pressure, take a deep breath and let's get started.

COLLECT YOUR DOCUMENTS

Gathering the necessary paperwork is half the process of filing. Make sure you have last year's return, your W-2 or 1099 from your employer, and any statements from taxable accounts, mortgages, or loans. Most of these documents should have arrived labeled as "Important Tax Information.” Hopefully, you’ve been keeping them organized.

“It’s easy to misplace documents received early in the year,” says a financial expert. If you haven’t already established a specific spot for your tax paperwork, now’s the time to start looking for those crucial papers.

If you freelanced or worked on contracts, watch for 1099 forms. Remember, you need to report any freelance income over $400, according to tax regulations. If you plan to itemize deductions or claim certain credits, gather your supporting documents like business expenses and charitable donation receipts.

UPDATES ON DEDUCTIONS & CREDITS

This year, the standard deduction has increased to $13,850 for single filers, $27,700 for married couples filing jointly, and $20,800 for heads of household.

Keep an eye on the Child Tax Credit, which remains at $2,000 per child under 17. A proposed tax plan could raise the refundable amount to $1,800 and change how the total credit is calculated, benefiting lower-income families with multiple children. While the proposal hasn't been approved yet, watch for updates that may affect your 2023 taxes.

PREPARE FOR NEXT YEAR

If you're feeling rushed this tax season, take this opportunity to plan for next year to avoid a repeat situation. If you owed taxes this year, consider adjusting your withholding. A quick chat with your HR department can help you fill out a new W-4 to increase your withholdings throughout the year.

Use this withholding calculator to determine the correct amount. Additionally, if you struggled to find certain documents or keep accurate records, start implementing a better organization system now to streamline next year’s filing process.