4 Last Minute Tax Tips

Tax day is quickly approaching …….in 7 days to be exact! If you have not filed your taxes, you may be scrambling to get documents collected before the April 17th deadline.  KerberRose Certified Public accountants has created a list of 4 Last Minute Tax Tips that can help get you on track for the individual filing deadline.

  1. Get all your documents in order

To file your taxes accurately and efficiently, you will need all of your W-2 forms from all the employers you worked for during 2017. If you worked as a contractor or freelance employee, you will need to provide your 1099 forms, any miscellaneous income such as business income, unemployment income, or social security.

  1. Where do I file my taxes?

KerberRose employs numerous accounting experts who are available to help file your taxes. If you would like to file your taxes on your own, you may consider filing your taxes online through providers like Turbo Tax or Tax Act. Some of the online services are free, with options of purchasing a premium service to get additional assistance with filing your individual taxes.

  1. Don’t forget tax deductions

No one likes to pay taxes. But the one thing that excites people is talking about tax deductions. A tax deduction helps to reduce your income and lower your tax bracket. Here are some important deductions to keep in mind:

  1. Medical, dental, prescriptions costs
  2. Property taxes and mortgage interest
  3. Dues paid to a union
  4. Donations to charity and nonprofit organizations
  5. Interest expense on investments
  6. Contributions to individual retirement accounts (IRAs), contributions made by 4/17/18 can still reduce your 2017 tax
  7. Health Savings Accounts (HSAs), contributions made by 4/17/18 can still reduce your 2017 tax
  8. Home office expenses
  9. Education credits, school expenses

To learn more about itemized deductions and how you can apply them to your individual tax return, please contact KerberRose to speak to an accounting expert!

  1. What happens if you don’t file your taxes?

Whatever your reason is for missing the filing deadline for taxes, keep in mind there are possible consequences. Remember, the IRS receives copies of your W-2 and 1099 forms and they will eventually know if you did not file. Penalties for not filing range from charging you interest and fines on unpaid taxes, the IRS seizing your assets, entering the never-ending realm of paperwork from the IRS, or the possibility of going to jail. Word to the wise, keep yourself organized and avoid this trouble by filing your taxes on time.

We hope that these four ‘Last Minute Tax Tips’ help provide some guidance and advice on getting your individual filing done on time. If you have any questions or would like to talk to an accounting expert, KerberRose has 10 locations throughout Wisconsin. Our talented staff is available to answer questions and help you with your accounting needs throughout the year. Please visit our website for more details on our specialized services and locations www.kerberrose.com

Samantha Wilson

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Samantha Wilson

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