Tips for the Tax Filer | Richard Banks & Associates, P.C.

We’re in the midst of tax season, and here at Richard Banks & Associates, we thought these tax tips could come in handy!

The normal April 15 deadline was slightly pushed back this year to April 18, so if you’ve not gotten around to filing your taxes yet, don’t worry, you still have plenty of time to get the IRS taken care of.

Gather your Form 1099s and W2s, and get to your preferred accountant or log on to your chosen e-filing program. Remember, if you’re just filing a simple federal return, programs like TaxAct and TurboTax are free. More free filing services can be found on the IRS website, as well.

If the April 18 deadline just isn’t going to be met, you can request an extension with a Form 4868 or online, which will give you until Oct. 17 to square things up. Remember, filing an extension doesn’t mean you can wait to pay if you owe the IRS—it only means you can wait to actually file your income tax return.

Here are few extra last-minute tax tips:

Out-of-pocket medical expense deductions are limited to expenses that exceed 10 percent of your adjusted income or 7.5 percent if you were 65 or older on Dec. 31, 2016. However, if you’re self-employed and pay the full cost of your healthcare insurance premiums, those can be deducted.
Don’t forget to claim student loan interest. You can deduct up to $2,500 in interest from those loans—and the plus side is you don’t even have to itemize! If you paid more than $600 in interest, you should have received a Form 1098-E from your lender.
If you’re self-employed, take advantage of the home office deduction, as long as the office is being used exclusively for business.
Make sure to double-check all your numbers, including your social security number and bank account number, if you opt for direct deposit.

We hope that these tips come in handy!

Remember, if something does go wrong with your taxes and the IRS starts harassing you about past-due income taxes, we are here to help with tax debt relief.