4 Last Minute Tax Tips to keep you on track

Last Minute Tax Tips - Calendar with 4/18 circled, 1040, cash and pen.

If you haven’t filed your taxes yet, no worries! You’re in good company. According to the IRS, over 20% of us wait until the last minute to start preparing our tax returns. This year, you can breathe a tiny sigh of relief, since taxes are not due until April 18th. Giving you three extra days to finish and file your taxes. Check out these last minute tax tips to help keep you on track:

Last Minute Tax Tip No. 1

It’s not too late to make an IRA contribution. In fact, you can contribute towards your annual limit up to this year’s filing date. This year, you can put $5,500 towards your retirement income and if you’re over 50, the government allows you to contribute up to another $1,000 to play catch-up.

Last Minute Tax Tip No. 2

Keep more money in your wallet by not overlooking tax deductions; such as out-of-pocket charitable expenses, union dues, mortgage points and even tax preparation fees.

Last Minute Tax Tips - 1040 and adding machine receipt tape.

Last Minute Tax Tip No. 3:

Compare and contrast last year’s tax return against this year’s to ensure you are not forgetting anything – especially when rushed. And always double-check the math, proof social security numbers and sign and date your return.

Last Minute Tax Tip No. 4

Enjoy the comfort and convenience of filing from your home when you file online; avoiding last-minute lines at the Post Office. Plus, as an added benefit you’ll receive your tax refund quicker.

And if all else fails, file an extension. You will still need to pay what is due to avoid any interest and penalty charges, but it will give you an additional six months to complete your paperwork.

For additional information on filing your taxes consult a tax advisor or visit www.irs.gov.

Do you have any last minute tax tips? If so, please share we’d love to hear them:

** This Blog is for information purposes only. Consult your tax advisor regarding your own unique circumstances.

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