Tag Archives: tax deadline

Money Monday: Last-Minute Tax Advice

With just a day before the April 18 deadline to file your taxes, here’s a few last minute tips.

  1. File! Even if you don’t have all the money to pay, it’s much better to file a return than to not file at all. “The penalties for not filing a tax return are 10 times greater than those for filing but not being able to pay taxes due.” (Money.CNN.com. “5 last-minute tax tips you need to know now.” http://money.cnn.com/2017/04/13/pf/taxes/tax-tips/index.html?iid=SF_LN)
  2. You can file for an extension. It’s simple and quick to do on the IRS website, and it will buy you some time. Just be aware that late-payment penalties will be tacked on, beginning after the April 18 deadline.
  3. You can still get professional help. One place to go for help is the VITA program; the “Volunteer Income Tax Assistance program provides specially trained IRS-certified volunteer tax preparers that can help taxpayers with basic income-tax preparation needs.” (Money.CNN.com. “5 last-minute tax tips you need to know now.” http://money.cnn.com/2017/04/13/pf/taxes/tax-tips/index.html?iid=SF_LN)
  4. Two more key tips available here on Money.CNN.com: “5 last-minute tax tips you need to know now.”

Money Monday: Tax Deductions for Homeowners

With the tax deadline coming up, now is the time to refresh yourself and learn about tax breaks you could be getting if you are a homeowner.

Some of the following tax deductions are only applicable to new homeowners, but there are a few that any owner can file for:

  1. Mortgage interest
  2. Mortgage insurance premiums
  3. Energy related tax credits
  4. Capital gains exclusion
  5. Property inheritance
  6. Property taxes
  7. Home office costs
  8. Moving expenses

If you would like details on these potential tax breaks you could be getting, read Yahoo’s article here.

Money Monday: Why you should file taxes earlier

Yes, the tax filing deadline of April 18th is a ways off still, but there are some good reasons not to wait until the last minute.

  1. You’ll have time to look into the new changes for the tax laws.
  2. You’ll probably get your refund faster.
  3. You’ll protect yourself from tax fraud.

Read Forbes’ full article on why you should file for taxes early.