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Last-Minute Filing Tips from Illinois CPA Society

Filing federal and state tax returns is always a hectic and complicated process. The Illinois CPA Society reminds taxpayers that CPAs have your back. CPAs are strategically positioned to help file your tax returns while determining the best ways to ...

Apr. 07, 2022

2019 1040 form taxes

As last-minute tax filers race to meet this year’s fast-approaching April 18 income tax filing deadline (moved from April 15 due to Emancipation Day), the Illinois CPA Society encourages a pause to double-check for easily avoided mistakes that, no matter how miniscule, can create filing problems and refund delays. To make sure you file error-free Illinois and federal tax returns that get you timely refunds, double-check these important areas on your tax forms:

  • Your Filing Status: This is the first item on your IRS Form 1040, and yet ticking the right box can often be overlooked. You have just four choices to choose from, but if you were married, divorced, widowed, or your household situation changed during 2021, it may need to be reflected here. If you’re unsure of your filing status, a certified public accountant (CPA) can help you determine the correct and most beneficial filing status.
  • Your Name(s): What should maybe be the easiest portion of your tax return often gets forgotten. A misspelled first or last name, a missing middle initial, or a formal name change that’s not correctly listed could create a filing nightmare. And if you’re filing as “Married Filing Jointly,” don’t forget to check all the above for your spouse as well.
  • Your Social Security Number(s): As with your name, a missing or incorrect Social Security number can create unexpected problems. Social Security numbers serve as individual tax identification numbers and must be included.
  • Your Direct Deposit Information: If you’re due a tax refund, a direct deposit in your bank account is the fastest and most secure way to get it from the IRS—but make sure the routing number, account number, and account type (checking or savings) are all correct.
  • Your Signature: Whether you self-prepare or work with a CPA to prepare and file your state and federal tax returns, it’s a lot of work. After all that, the only way they can be officially filed is if they’re signed and dated.
  • Your Calendar: While this isn’t on your tax return, all 2021 individual tax returns are due by midnight on April 18. If you simply can’t get your taxes filed in time, you must file IRS Form 4868 to request a six-month filing extension. But beware, if you think or know you owe the IRS or Illinois Department of Revenue taxes, you must still make an estimated payment by the original filing deadline or interest and potential penalties may be charged on the amount due. If you’re granted an extension for filing your federal income tax return, you’re automatically granted an extension for filing your Illinois income tax return, but if you’ll owe tax to Illinois, you must use Form IL-505-I, Automatic Extension Payment for Individuals, to avoid the penalty and interest on taxes not paid by the original filing deadline.

Filing federal and state tax returns is always a hectic and complicated process. The Illinois CPA Society reminds taxpayers that CPAs have your back. CPAs are strategically positioned to help file your tax returns while determining the best ways to maximize your tax deductions. The Illinois CPA Society’s free “Find a CPA” directory can help you find the trusted, strategic advisor that’s right for you based on location, types of services needed, and languages spoken. Find your CPA at www.icpas.org/findacpa.