4 Simple Ways to Avoid Cramming for April 15th Tax Deadline

Filing taxes is tedious work and takes a lot of one’s time. If you don’t give yourself the time to organize your relevant taxing information, the April 15^th income tax filing deadline might sneak up on you. Filipino time just won’t work with the BIR.

So if you’re a forgetful but responsible citizen who wants to be better with complying to the tax deadline and avoiding additional fees as repercussions, then read along to find out three simple ways you can avoid procrastinating filing your taxes.

1. Set Alarms and Reminders Months Ahead

Humans are fallible creatures and are therefore prone to mistakes. So always prepare for your unpreparedness and avoid late filing of taxes by setting up alarms and reminders month ahead of the deadline. This is a simple and easy way of avoiding cramming for the deadline of the filing of taxes.

Also, don’t set your alarms and reminders exactly on the April 15th deadline. Instead, give yourself about 1-2 weeks of space before the deadline and so you can file your taxes early or as early as possible and avoid the long lines especially during the last day of filing.

2. Close Your Books ASAP

Closing your books is an accounting term that simply means to cancel out Incomes with Expenses and vice versa to record your total net profit or loss.

All taxpayers must make sure that all documents are completed, banks are reconciled and reviewed. This is to make sure all income and expenses have been accounted for.

If you’re a corporation, make sure to forward your financials to your tax auditor so they can prepare audited financial statements to support your tax return.

3. Calculate Your Taxes Early

The BIR Tax Table of 2019 has been made effective since January 2019 in consideration of the TRAIN law. So there will be different tax computations made effective just this year. To avoid confusion and to make things easier on yourself, it is best that you consult the new tax table and compute your taxes as early as you can.

Knowing in advance how much you have to pay for taxes and whether you even have to pay taxes can help make filing quicker for you. If you find numbers a bit confusing and intimidating, there are alternatives to manually computing your taxes. You can simply use online tax calculators for a streamlined process. Make sure it’s updated for 2019!

Conclusion

No one has ever had the looming task of filing taxes and thought to themselves that it’s going to be a fun time. However unpleasant it may be though there are better, faster, and cheaper ways to file your taxes.

Instead of spending crucial moments fussing about your taxes, you could be spending your time developing your career or business. Optimize your tax filing process now and you’ll be thanking yourself in the future!

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