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6 Tips to Quickly File Your Taxes Before April’s Deadline

By U.S. News & World Report

The tax deadline is April 18 this year, and it’s right around the corner. That means that you only have a few days left to file your taxes. If you haven’t filed yet, what are you waiting for? Last tax season, about 75 percent of taxpayers received a tax refund, with the average refund close to $2,800, according to the Internal Revenue Service, or IRS. Plus, the majority of taxpayers have already filed. If you think you owe taxes or need your refund as soon as possible, these six tips will help you meet the tax deadline quickly and save money on your taxes.

[See: Answers to 7 Burning Tax Questions.]

Get started. First things first: Gather all the materials you’ll need to file your taxes. By now, you likely have all the forms you need to file. Take a few minutes to organize each document in a folder (or whatever system works for you), so that you have easy access to the information you need when you file your taxes.

Get the right forms. You will need forms that report your income, such as W-2 and 1099 forms, and receipts for tax-deductible expenses. If you can itemize your tax deductions, be sure to gather your receipts for tax-deductible expenses that you had during the year, like charitable contributions, unreimbursed employee expenses or job-search expenses. Additionally, filers with a student loan or college tuition expenses will need their 1098-E and 1098-T forms, respectively. Those who purchased health insurance through the health insurance marketplace will need their 1095-A.

[See: 7 Most-Missed Tax Deductions and Credits.]

Don’t rush the details. The most important tip for entering information: Take your time. One of the most common mistakes taxpayers make when rushing to meet the tax deadline is gathering incorrect Social Security numbers for their children and spouses, and even misspelling their own names. Carefully gather your Social Security number, banking information (if you choose direct deposit) and your income information. Incorrectly inputting information is easy to avoid if you take your time and don’t wait until the last minute.

Consider filing online. When you file online, a good tax preparation software will allow you to take a picture of your W-2 using your phone or tablet and automatically transfer your information to the correct forms. Not only will you avoid data entry, but you can finish filing more quickly and also be confident that your information has been entered accurately. No tax knowledge is necessary. Good tax software searches for the deductions and credits you may be eligible for, saving you time and money while making sure that you receive the refund you deserve based on your answers. With the tax deadline drawing near, filing online is a quick alternative to braving the long lines at a tax store.

E-file with direct deposit. If you expect to receive a tax refund this year, choosing e-file with direct deposit is a way to ensure that you get your money in your pocket sooner. The IRS expects to issue nine out of 10 federal tax refunds within 21 days or less of acceptance with e-file and direct deposit. You’ll need to provide your bank account number and wait for your refund to be deposited. While you can still mail your tax return and request your refund, the bottom line here is that you’ll receive your tax refund faster when you e-file with direct deposit.

[See: 10 Smart Ways to Spend Your Tax Refund.]

If you owe taxes, still file. Remember that going on extension only extends the time to file your taxes. If you owe, you are still required to pay what you owe. Even if you owe money, you can ask the IRS for an installment agreement when you file your taxes. The installment agreement will allow you to pay your tax debt over six years. Plus, you may have a tax refund coming once you identify the tax deductions and credits you may be eligible for.

Following these six tips will go a long way toward easing your mind as the tax deadline nears. Although Tax Day is quickly approaching, don’t be intimidated. Now is the time to stop procrastinating and file.

More from U.S. News

8 Ways You Can Prepare Now for Next Year’s Taxes

9 Red Flags That Could Trigger a Tax Audit

10 Smart Ways to Spend Your Tax Refund

6 Tips to Quickly File Your Taxes Before April’s Deadline originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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