With this year's tax deadline approaching rapidly, you may want to get moving (if you haven’t already). If you have not filed your taxes already, be sure to make a note that you have until April 17th to submit your 2017 return. Also, don't forget about specialty tax credits.
If you’ve waited until the last minute, here are some tips to get yourself past procrastination.
Specialty Tax Credit Professionals Last-Minute Tips List
Itemize Thoroughly and Correctly
CPAs and specialty tax advisors alike recommend itemizing thoroughly if you are choosing itemization over the standard deduction. Tax experts say that in order to figure out if it is in your best interest to itemize, see if your individual deductions exceed the standard deduction for 2017. The standard deduction for 2017 is $6,350 for single tax filers and $12,700 for married couples filing jointly.
Do not Guess Your Deductions
Be sure to itemize all of your deductions precisely. Do not guess or estimate. Otherwise, you may raise a red flag to the IRS. Also, be sure to leave yourself enough time to go through records, receipts, and figure out exactly how much you spent in different deductible categories.
Be Sure to Report All Your Income
If you receive income from various employers or sources, then be sure to list all of the income that you received. Whether it be freelance work or investments – it all counts. This will help you avoid an IRS audit.
Know About Specialty Tax Credits
Did you know that specialty tax credits are different then tax deductions in that they are a dollar-for-dollar reduction of your tax liability? This makes them quite significant and valuable. Specialty tax credits like cost segregation, the R&D tax credit, etc. can lower your tax bill and possibly boost your chance of a refund. The tax professionals at Engineered Tax Services can help with these.
Check Your Return for Mistakes
Even if you’ve waited until the last minute, you must check your tax return thoroughly. After all, you do not want your return automatically rejected. Be sure to check for math errors, misspellings, correct filing status, and correct social security number.
You have eight more days to file your tax return. Don’t make it stressful. If you have questions about tax returns or specialty taxes, please call (800) 236-6519.