Did You File a Tax Extension for 2018? Here's What to Know | First Volunteer Bank

Were you one of the many people who filed a tax extension this year? Our team at First Volunteer Bank wants you to know that although you still have some time until the October 15 deadline, you need to start working now to tackle your tax return as soon as possible!

Take the Stress Out of Your Tax Extension

Are you feeling the stress again of tax season? Don’t, especially when there are things you can do right now to help you avoid the stress you felt back in April.

For starters, do not wait until the last minute on your tax return extension deadline. The last thing you want to do is to run out of time again when it comes to filing your taxes.

Therefore, you want to go ahead and gather your tax return documents together now in order to be better prepared.

Also, if you feel like you are going to need help in filing your taxes by the October deadline, go ahead and ask around now. Remember, you are not the only one who filed an extension, so asking for help now can help you avoid the stress later when needing to hire someone at last minute.

Second, remember that if you don’t file by Oct. 15, you will be subject to a late filing penalty.

By filing for an extension earlier this year, you deferred the penalty fee. But if you miss this deadline, the fee will begin accruing at a rate of 5 percent per month on the amount of tax you paid.

Finally, you want to make sure you avoid having your tax return rejected due to errors you could have avoided if you were careful. Therefore, when filling out your tax forms, make sure you are:

• Entering the right tax filing status
• Putting the correct Social Security number
• Spelling your name right

Did you receive a tax refund this year? Keep it safe with the savings account options offered by First Volunteer Bank.