If you’ve been procrastinating on your taxes until now, here’s some last minute tips. Gather the right documents.
You have until Tuesday April 18th to file your Form 1040.
“You can still file a six-month extension,” he said. “But if you have a simple return or you’re getting a big refund, you should file now.”
If you need more time to hunt down additional paperwork, you’ll need to file Form 4868 with the IRS.
Gather the right documents
A tax organizer, can help you pull your necessary forms together. “It will prompt you for information so you can diagnose what needs to be on your tax return.”
Don’t miss these deductions:
Student loan interest: You can deduct the lesser of $2,500 or the amount of interest paid during the year, subject to income phaseouts.
Moving expenses: You moved due to a change in your job and your new workplace is at least 50 miles farther away from your old home versus the distance between your old dwelling and your old workplace.
Property taxes: It’s not just your primary home that can qualify. Your second home and perhaps even your timeshare may as well.
Noncash charitable contributions: Be sure to include your receipts. You’ll need to file Form 8283 if your deduction for all noncash gifts is over $500.
Miscellaneous deductions: You can claim tax preparation fees, un-reimbursed employee expenses and other costs that exceed 2 percent of your adjusted gross income.
Medical deductions: You can deduct qualified medical expenses that exceed 10 percent of your adjusted gross income for that year. Spoiler alert: Most cosmetic surgeries won’t fly.
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