Best tips to save last-minute filers money at the tax deadline
Attention last-minute tax filers! Are you missing out on big savings?
For most Americans, the deadline to submit your taxes is April 18, since the 15th falls on a weekend. For those in California affected by severe storms, flooding and mudslides, it will be extended to Oct. 16.
Nina Pineda has some last-minute tax tips, deductions and write-offs that could save you some money.
If you got your work out last year with a gym membership, or perhaps put in a pool, it's possible both expenses can be deductions, according to tax expert Lisa Greene-Lewis. Any medically prescribed weight loss programs are eligible.
"If the doctor writes you a note and says you need this for your health, you can deduct those as well," TurboTax CPA and tax expert Lisa Greene-Lewis said.
She says taxpayers miss out on millions worth of write-offs every year. One out of five taxpayers forget the savers credit.
"That is a credit you get just for investing in retirement," she said. "You automatically get it, up to $1,000 if you're single, up to $2,000 married filing jointly."
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The income-based benefit rewards you for contributing, and you can still put in for last year up until midnight on tax day.
The IRS says only 25% of qualifying taxpayers apply for the Earned Income Tax Credit too.
"It's a huge credit, a family of three kids it can be up to $6,935," Greene-Lewis said.
Look to see if you qualify for the EITC, especially since last year so many people lost a job, worked less hours or took a buy-out coming out of the COVID pandemic in 2022.
Also, if you're supporting someone who's not a child, you can claim them as what's called an "other" dependent.
"A friend that's crashing on your couch, or boyfriend, girlfriend, they have to live with you the entire year and then they can't earn more than $4,400," Greene-Lewis said.
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Don't forget, if you worked from home last year, like Melville-based debt relief attorney Leslie Tayne, write off the expense of your office.
"You might be able to deduct 25% of your expenses related to the house," Greene-Lewis said.
Such as the following:
If you made any green home improvements in 2022, that's a write-off as well. Insulation, energy efficient doors, windows and appliances qualify. So does buying or leasing an environmentally-friendly car. A new hybrid can save you $7,500 off your taxes.
A lot of people ask about writing off pets. If your pooch is a TikTok star, the doggie could be a deduction.
"There's pet influencers now," Greene-Lewis said. "If your pet is making money for you, you're considered an employee."
Once again -- the filing deadline is April 18, not the 15.
