Racing to Meet the April 17th Tax Filing Deadline?

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Racing to Meet the April 17th Tax Filing Deadline?

Category : Uncategorized

Wolters Kluwer Outlines Top Tips for Last-Minute Filers

(NEW YORK, NY, April 5, 2018) – Every year, millions of taxpayers scramble to beat the clock at tax time. With the April 17th income tax filing deadline approaching, Wolters Kluwer Tax & Accounting provides some last-minute tips for taxpayers still looking to file.

“Taxpayers have a few extra days to file this year with the deadline falling on April 17 rather than April 15,” said Mark Luscombe, JD, LLM, CPA and Principal Federal Tax Analyst for Wolters Kluwer Tax & Accounting. “Make the most of that time by taking steps to carefully review your return and look for ways to lower your taxes through extended tax breaks, deductions and credits.”

Top Tax Tips for Last-Minute Filers

  • Take advantage of extended tax breaks: With Congress recently extending more than 30 tax breaks through 2017, taxpayers should review these to see where they may benefit
  • Changes in Tax Cuts and Jobs Act: Taxpayers should also be alert to the changes made by the Tax Cuts and Jobs Act affecting the 2017 tax year such as the medical expense deduction, mortgage interest deduction, and federal disaster relief
  • Double-check paperwork: Avoid that letter from the IRS asking about obvious problems on the tax return such as accurate Social Security numbers, math calculations, signatures and addresses
  • Seek out professional help: This tax filing season is particularly challenging with the IRS needing to revise forms and processing software to accommodate the late enactment of the extended tax breaks – a professional can help filers navigate tax season complexities
  • Take action to save taxes: Seek out additional ways to save on the 2017 tax return including contributions to a deductible IRA, a SEP IRA or a Health Savings Account
  • File on time or consider filing an extension: Either file a tax return by the April 17 deadline or file an extension on Form 4868 to avoid a failure-to-file penalty