Tax Day Deadline Approaches: Last-Minute Filing Tips: In tonight’s dollars and cents, it’s crunch time. Tomorrow is Tax Day – the April 15th deadline to file your taxes. An Elk Grove-based tax expert has some last-minute advice and reminders to ease the stress or panic.
Whether you’re scrambling to file last minute, putting your paperwork together for the October 15th extended deadline, or planning ahead for next year’s filing, there are a few things to keep in mind.
Avoiding last-minute mistakes like forgetting to sign/date your return or typing the wrong Social Security number
Also, look ahead to potential changes. “Just understanding how the rules can drastically change on the tax brackets is important,” says one expert. “Get together with your tax preparer or advisor, or understand those changes yourself as a taxpayer to see how they impact you and plan scenarios accordingly.”
In February, the Trump administration started laying off more than 6,000 IRS employees, causing concerns about delays. “Hasn’t hit there yet. Tax returns are being processed, refunds are coming in. So I think it’s still to be seen what the impact will be.”
It could expire at the end of this year if Congress doesn’t act. “You find more people are being cautious or taking a different strategy this year. Individuals understand the possibility of change, but many are rolling the dice thinking it will stay.”
“Those are all very big changes. That’s just to be seen what’s going to happen in this upcoming year.” Experts remind taxpayers any administration changes won’t affect this year’s returns.
Source: raialkhalij + aljazeera