MEMPHIS, Tenn. — Time is running out to get your taxes done. If you haven’t filed yet, or even started preparing, Zaneta Lowe has some last minute tax tips to get you started.
Tax Day is officially April 15, but that falls on a Sunday this year, which is followed by Emancipation Day (a Washington, D.C. holiday) on Monday.
That means you have until Tuesday to get your tax paperwork postmarked to the IRS.
First, organize your documents.
Whether you’re planning to pay a preparer or file yourself, start by gathering everything you need, so nothing’s left off of your tax return.
Be sure to report all of your income.
This is easy for folks with one salaried income, but if you have multiple sources, such as freelance work or investments, don’t forget to list everything.
When it comes to deductions, take your time combing through all your receipts so you can maximize your deductions.
Experts say don’t just use round numbers to estimate, because that can be a red flag for auditors.
Be sure to take advantage of all possible tax credits.
From the earned income tax credit to the child tax credit and those for things like continuing education, see what you qualify for so you can reduce your taxable income and increase a possible return.
If you’re married, check into or ask your tax preparer if it’s best to file a joint or separate return, because your combined income has an affect on monthly student loan payments.
Now if run out of time all together, just file an extension.
Of course an extension to file isn’t an extension to pay, but you’ll have another six months to file your taxes.
