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Tax Day Is Just A Week Away

Tax Day Is Just A Week Away

The April 15 tax deadline is just a week away.

Boca Raton financial advisor Richard Ehrlich has a few last minute tips for tax procrastinators:

-FILE ONLINE: E-filing will keep you away from long lines at the post office. Americans who file taxes online usually get their refunds faster than those who do so by mail. Filing online also leaves an electronic footprint with the IRS.

-DON'T BE AFRAID TO FISH FOR MORE DEDUCTIONS: You still have a week to file tax-deductible contributions to your IRA or HSA account.

-DON'T RUSH: If you can't file your return on time, don't hesitate to request an extension. The IRS doesn't completely oppose extensions, just as long as you take that time to get it right. Taxpayers who receive IRS extensions have until October 15 to file their returns.

-AN EXTENSION DOESN'T EXCUSE YOU FROM PAYING: Although an extension buys you another six months to file your return, you will still have to pay by April 15 if you owe taxes. Make an educated guess about how much money you owe and write the IRS a check.

Your tax return must be postmarked or timestamped by 11:59 PM on April 15.

 

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