--(EON: Enhanced Online News)--Wolters Kluwer Tax & Accounting:
What: Numerous tax filers wait until the last minute to file their tax returns. Maybe they owe money and want to hold onto it as long as possible. Maybe they are waiting for some missing information on a Form W-2 or 1099. Maybe they just haven’t gotten their act together. For whatever reason, Wolters Kluwer Tax & Accounting offers suggestions to think about for last-minute filers.
- Get something filed. You have an extra few days this year to file; due to some holidays and a weekend, the filing deadline is April 18 rather than April 15. Either file a tax return by that date or file an extension on Form 4868 to avoid a failure-to-file penalty.
- Action to save taxes. There might be a few things that you could do to still save taxes on your 2016 tax return: contribute to a deductible IRA if under the income limits; contribute to a SEP IRA if self-employed; or contribute to a Health Savings Account if you are eligible for one.
- Pay the tax due by April 18. An extension to file is not an extension to pay. Pay the tax due with the return or with an automatic extension. You can pay by check or money order, debit or credit card, electronic funds transfer, or, new this year, by cash at a participating 7-Eleven store in one of 34 states.
- Get help. Most taxpayers use a tax professional or tax software to prepare their tax return. The tax laws are complicated, especially figuring out the tax breaks to which you might be entitled to reduce your taxes. Tax professionals are really busy at this time of year and you might have to file for an extension if you walk in at the last minute with a shoe box full of tax forms and receipts. Free tax help is available on the IRS Free File website for incomes under $64,000.
- Double-check your return. Make sure Social Security numbers and math calculations are correct. Make sure all W-2s, 1099s and other income are reflected on your return. Make sure your return is signed and sent to the correct IRS address. And review for possibly overlooked deductions and credits that can lower your taxes. You want to avoid that letter from the IRS asking about obvious problems on the tax return.
- Plan for next year. Think of the forms and receipts you needed for this year’s return and collect them throughout the coming year to be ready next time. If you received a big refund this year, consider reducing your withholding to increase your take home pay and only pay to the IRS what you really will owe come tax time next year.
Who: Tax expert Mark Luscombe, JD, LLM, CPA and Principal Federal Tax Analyst for Wolters Kluwer Tax & Accounting, is available for in-depth interviews about tax filing prior to the April 18 deadline.
Contact: To arrange interviews with Mark Luscombe or other federal and state tax experts from Wolters Kluwer Tax & Accounting on this or any other tax-related topics, please contact:
|LAURA GINGISS||BRENDA AU|