Still haven't filed? Tips to help you with your tax returns
If you haven't filled out your tax returns yet, now is the time to get on it. The deadline is Tuesday!
Because April 15th fell on the weekend this year, typically Monday would be tax day.
However, the good news is it is tomorrow, so you do have a bit more time to file.
If you're still working to prepare your taxes at the last minute, here are some things to keep in mind.
You've worked hard and now it's time for Uncle Sam to get his share.
Remember, rushing to beat Tuesday's deadline could lead to missed benefits or even mistakes. Be sure to review that return so your refund isn't delayed.
And if you're one of the millions of Americans juggling two jobs, don't forget you have to pay taxes on that income too.
It's simple if that side gig - for a rainy day fund or addition to your full-time career - is with a business: your employer will deduct withholding taxes from your paycheck. But if your self-employed, it can get complicated.
"When you're working for yourself, there isn't anybody else who's withholding those taxes or paying taxes on your behalf," said Katherine Pickering, Executive Director with the tax institute at H&R Block.
But there are some big tax advantages for self-earners, especially those running a business from home.
Among the most common deductions:
- portion of your home used - think about that home office and what it took to stock it
- mileage of your car used
- tools and equipment
- even tuition for related education
Even if you owe taxes but can't afford to pay in full by Tuesday's deadline, the IRS says file anyway. Otherwise you could be facing penalties.
You can request a six-month extension to file, but that's not an extension of time to pay taxes.
