It is said that there are two guarantees in life, one being taxes and the other death. And though many would prefer the latter as Tax Day 2025 draws near, tax preparers couldn’t be clearer as to what they can do without.
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Though federal and state income taxes aren’t for everyone’s temperament, they are in fact for everyone’s bank account. No matter your tax situation, keep in mind that how your returns are prepared can have varying results, from a nice tax refund to a jarring audit. Remember, the only thing they could arrest Al Capone for was failing to pay his income taxes.
Now, to no longer keep you in suspense and hopefully help you avoid tax evasion, here are the top five things your accountant doesn’t want to hear if you’re filing your taxes last-minute.
Even often-used and time-honored excuses such as being unprepared are still frowned upon by the IRS, even if your individual tax forms have been downsized by DOGE. Essentially, if you fail to plan, you could be planning for future federal prison time for tax evasion. Worry not, because if you get all of your documents in order, it makes even last-minute filing a breeze.
It turns out that it doesn’t actually matter who’s in charge of the government, because you still have to pay them via tax money. Here are some key takeaways from TurboTax as to what information and documentation you should have ready when you file your taxes:
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Have the Social Security numbers and dates of birth for you, your spouse, and your dependents at hand before you start preparing your return.
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Remember to report all income, including state and local income tax refunds, unemployment benefits, taxable alimony and gambling winnings.
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Have documentation for your deductions and credits, including for child care costs, education expenses, adoption costs, home mortgage interest and charitable donations.
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Taxes you’ve already paid — such as estimated tax payments or withheld taxes — can lower your final tax bill or boost your refund.
Though it may feel like some of President Trump’s thoughts go live without a plan — and no matter what tax cuts have been promised — rest assured you will still be personally responsible for your federal and state returns for tax year 2024, with just a few exceptions. If you were under the age of 65 at the end of 2024, here are the income amounts that require you to file, according to the IRS:
