10 Last-Minute Tax Tips to File Smart and On Time

Taxes are due April 15, but many taxpayers wait until the last minute to file. If that sounds familiar, don’t worry — you’re not alone. And rest assured that it’s still possible to file accurately and on time. All you need is the right approach.

These last-minute tax filing tips can help you get your return in before it’s too late — all while maximizing tax breaks and planning for taxes owed. Whether you’re filing taxes on your own or working with a professional tax service, getting started now brings you closer to crossing this task off your list.

Tip 1: Know Your Tax Deadlines and Extensions

Federal taxes are usually due on April 15 (11:59 p.m. local time). If that day falls on a weekend or legal holiday, the deadline to file taxes moves to the following business day.

State income tax deadlines can vary. While many fall on April 15 in line with the federal due date, others have different deadlines. Check with your state revenue department for specifics.

The Internal Revenue Service (IRS) does offer a six-month tax extension deadline for federal returns, which can help if you need a little more time. This extension gives you until October 15 to file. However, even with the extension, you still need to pay any taxes you owe by the April 15 deadline. The IRS could penalize you if you don’t.

And if you’re self-employed or own a business, you may owe estimated taxes. These are generally due every quarter — April 15, June 15, September 15, and January 15 of the following year.

Tip 2: Organize Your Documents

Being organized is key to successfully filing your taxes on time, especially at the last minute. Here are some common tax forms you might need:

•   W-2s from your employer

•   1099-K (payment card and online marketplace payments)

•   1099-G (government payments)

•   1099-INT (interest earned from bank accounts or brokers)

•   1099-DIV (dividends and distributions)

•   1099-NEC (freelance or independent contractor income)

•   1099-R (pensions, annuities, or retirement plan distributions)

•   1099-MISC (other miscellaneous income)

•   1098-E (student loan interest tax deduction)

•   1095-A (health insurance marketplace statement)

•   SSA-1099 (Social Security benefits)

If you’re looking to maximize credits or deductions, you may also need supporting documentation for things like:

•   Health savings account contributions

•   Retirement contributions

•   Child care expenses

•   Health care expenses

•   Mortgage interest and property tax payments

•   Tuition or student loan interest payments

Getting all your documents together upfront can save you time and cut down on filing errors. This means less stress for you.

If you’re missing any specific forms, you can request them from your employer, financial institution, loan service provider, or other relevant entity. Many organizations offer online access to these documents via your account dashboard.

A tax professional or DIY tax prep software can guide you toward the forms you need for a smoother filing experience. Some platforms even auto-import your forms.

Tip 3: Plan for Owed Taxes

Even if you’re filing taxes at the last minute, it’s good to have an idea of what you owe ahead of time. That way you won’t be blindsided by a tax bill or run the risk of owing penalties on unpaid taxes.

If you’re employed and have taxes withheld from your paycheck, checking last year’s tax return can provide a baseline for what this year’s tax bill might be. Circumstances may have changed, but you can use your income, deductions, and credits to get a ballpark number.

If you receive income without withholding, such as self-employment earnings, you can use IRS Form 1040-ES to calculate your quarterly estimated taxes.

Whatever your tax situation, be sure to pay on time, even if you’re filing an extension. Otherwise, you could get hit with a 0.5% to 25% failure-to-pay penalty on your unpaid taxes.

Payment options include:

•  IRS Direct Pay with your bank account

•  Certified mail (send Form 1040-ES)

•  IRS2Go app

•  Debit card or credit card

•  Electronic Federal Tax Payment System (you must enroll first)

•  Individual IRS account online

Tip 4: Plan for HSA Deductions

Did you contribute to a health savings account (HSA) last year? If so, you could qualify for deductions that reduce your taxable income. HSAs offer a 1-2-3 punch of tax-deductible contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses.

Contributions made in 2024 max out at $4,150 to your account and $8,300 if you have family coverage. For the 2025 tax year, you can contribute up to $4,300 or $8,550, respectively.

To qualify for an HSA, you must:

•  Have a high-deductible health plan (HDHP)

•  Not be enrolled in Medicare

•  Not be a dependent on someone else’s tax return

•  Not have other health coverage (in most cases)

If you weren’t able to take tax-advantaged account deductions like these in 2024, keep them in mind for future tax seasons to help get the most tax breaks possible.

Tip 5: Maximize Your IRA Contributions

Traditional IRA contributions can reduce your taxable income for the previous year if made before the April 15 tax filing deadline. Contributions may be fully or partially tax deductible, depending on your income and tax filing status.

For the 2024 tax year, the IRA contribution limit is $7,000 ($8,000 if you’re 50 or older). Maxing out your contributions can significantly lower your taxable income. These contributions can apply to the prior tax year if made before the filing deadline. (For example, contributions made before April 15, 2025, can apply to the 2024 tax year.)

You could get a full deduction up to the 2024 contribution limit amount if any of the following criteria apply:

•  You’re single, head of household, or a qualifying widow(er) and not covered by a retirement plan at work.

•  You’re married filing jointly or separately, and your spouse isn’t covered by a workplace retirement plan.

•  You’re married filing jointly, your spouse is covered by a workplace retirement plan, and your modified adjusted gross income (AGI) is $230,000 or less.

Other taxpayers may be able to claim a partial deduction. Those who earn above a certain income threshold don’t qualify for a deduction.

Maxing out your traditional IRA contributions could mean reducing your taxable income for that year. Depending on your current income, it might even put you in a lower federal tax bracket.

Tip 6: Choose a Reliable Tax Preparer or Tax Software

Choosing a trusted tax preparer or software can make last-minute tax filing easier. The right software (or tax professional) could help you prepare and file your taxes accurately and quickly, potentially even getting you a faster refund.

If you go with tax software, look for features like deduction finders, audit support, and refund estimators. If you have a complicated tax situation, find one that offers hands-on expert support or consider using a tax professional. Be sure to check reviews when choosing tax software (this goes for tax preparers as well).

If your AGI is $84,000 or less, you can also do your taxes for free using IRS Free File. This software can guide you through the tax filing process to ensure you’re getting your taxes done quickly and securely, according to the IRS.

Tip 7: Review Deductions and Credits for Missed Opportunities

Another last-minute tax tip? Look for tax breaks.

It’s all too easy to overlook common deductions and credits when you’re on a tight deadline. But this could result in some major missed savings opportunities.

Every taxpayer’s situation is different, but common tax breaks include:

•  Earned Income Tax Credit (EITC): Claim up to $7,830 (for the 2024 tax year) based on your income, filing status, and number of dependents.

•  Education credits: If you, your spouse, or a dependent pays qualified higher education expenses and is enrolled in an eligible academic institution, you could qualify for the American Opportunity Tax Credit (up to $2,500 per eligible student) or the Lifetime Learning credit (up to $2,000 per tax return).

•  Energy-efficient home improvement credit: Did you make qualifying energy-efficient home improvements in 2023 or beyond? If so, you could be eligible for up to $3,200.

•  Health care expense deduction: You may be able to deduct medical and dental expenses that exceed 7.5% of your AGI for the tax year.

•  Mortgage interest deduction: If you paid home mortgage interest, you could potentially deduct the full amount when you file taxes.

•  Home office deduction: If you used part of your home for business-related activities, you may be able to deduct certain home expenses.

You may need to itemize deductions to claim certain tax breaks. Restrictions and limitations may also apply.

Don’t Forget About Student Loans

Did you pay interest on qualified student loans last year? If so, you could be eligible for a student loan interest deduction.

This tax break lets you deduct up to $2,500 or the amount of interest paid, whichever is less. You can claim the full amount if your modified adjusted gross income (MAGI) is less than $80,000. If you earn between $80,000 and $95,000 ($165,000 and $195,000 for joint filers), the deduction amount gradually decreases.

If you paid at least $600 in interest last year, you should receive Form 1098-E (Student Loan Interest Statement). If you don’t, request or download it from your student loan servicer.

Tip 8: Set Up Direct Deposit for Fast Access

If you’ve never filed a return before, you may be wondering how long it takes to receive your refund after filing taxes.

It depends, but the process is typically much faster when done online (and with direct deposit set up). According to the IRS, it usually takes 21 days or less to process electronically filed individual tax returns and issue a refund.

Speed isn’t the only benefit of direct deposit. It also reduces the risk of lost, stolen, or damaged checks. Plus, you can track your refund using the Where’s My Refund tool.

You can use a checking account or other financial account to set up direct deposit with the IRS. Here’s how to do it:

•   With tax software: Simply choose “direct deposit” as your refund method. You’ll need to include your account number and routing number.

•   With a tax preparer: Tell your preparer you want to use direct deposit, and they’ll help you set it up.

Tip 9: Review Last Year’s Taxes and What Has Changed

You can reference last year’s tax return to get a better idea of your various income sources and tax breaks. Just know that major life changes — like divorce, marriage, job change, or a new child — can have a major impact on your taxes.

For example, getting married (or divorced) will likely change your filing status. It could also affect your income tax bracket and deductions.
Meanwhile, having a child could potentially qualify you for a $2,000 child tax credit. Other common tax credits include the Additional Child Tax Credit and the Credit for Other Dependents.

Check your filing status before finalizing this year’s tax return, especially if you’ve gone through a major life change. A different filing status could mean you qualify for a new standard deduction amount or income tax bracket. And it might affect your eligibility for other tax breaks.

Tip 10: Use Spending and Savings Tools

As of the end of February 2025, the average refund amount is $3,382. If you’re due a refund — regardless of how much — now might be a good time to use it to reset your financial goals.

Rather than spend your refund, it may be better to save it, invest it, or use it to pay down debt. You can also put it in a high-yield savings account (HYSA), where it can accrue interest.

Using spending or savings tools can also help you spend your money wisely or reach your financial goals. For example, you could:

•  Use a free budgeting app that lets you track and reduce your expenses.

•  Set up automatic savings with your bank.

•  Use an income and expense tracker to monitor income and tax spending.

Tip: Check out SoFi’s savings calculator, which shows how much money in a HYSA account may grow over time.

The Takeaway

Staying organized, using a reliable tax software or preparer, and knowing your tax breaks can make last-minute tax filing a little less stressful. It can also help you get ahead of next year’s deadline to file taxes — and avoid potential tax penalties.
In the meantime, why not get your finances in order? SoFi offers financial products and tools you may want to explore, including high-yield savings accounts, debt repayment tools, budgeting, and spending tools.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 3.80% APY on SoFi Checking and Savings.

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SoFi members with Eligible Direct Deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below).

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning 3.80% APY, we encourage you to check your APY Details page the day after your Eligible Direct Deposit arrives. If your APY is not showing as 3.80%, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning 3.80% APY from the date you contact SoFi for the rest of the current 30-day Evaluation Period. You will also be eligible for 3.80% APY on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi members with Eligible Direct Deposit are eligible for other SoFi Plus benefits.

As an alternative to Direct Deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Eligible Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving an Eligible Direct Deposit or receipt of $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Eligible Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Eligible Direct Deposit or Qualifying Deposits until SoFi Bank recognizes Eligible Direct Deposit activity or receives $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Eligible Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Eligible Direct Deposit.

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