Fast Facts: Last minute tax tips

WASHINGTON — Tuesday marks one week until tax day with filings due by April 18. That’s a little later than usual because of the weekend and the Emancipation Day holiday, but still the clock is ticking. Here's what to know if the 'tax man' is still waiting to hear from you.

THE QUESTION:

What are some last-minute tax filing tips?

OUR SOURCES

THE ANSWER:

Our experts recommend taking stock of your deductions to determine if itemizing will benefit you, filing electronically, requesting an extension and asking for help if you need it, and double-checking the most important items.

WHAT WE FOUND:

TAKE STOCK OF YOUR DEDUCTIONS

You may save time by knowing right away, you’ll be going with the standard deduction: this year it’s $12,950 for an individual–$25,900 for joint-filing married couples.

The IRS explains you might benefit from itemizing your deductions if, when added together, allowable deductions like contributions to charity, medical expenses, or losses from a disaster would equal more than that standard deduction.

“For many taxpayers, the standard deduction may be the most advantageous compared to looking at what they would have had claimed over a year for standard deductions. For others, the standard deduction might not be that favorable,” said James Hodge, Director of the Howard University Volunteer Income Tax Assistance Program. “But making sure you analyze both scenarios, looking at all the things that you can itemize versus what the standard deduction would look at, that would then give you the greatest benefit on the tax return.”

FILE ELECTRONICALLY

Avoid possible mail delays by e-filing, which uploads your return information right away. 

Hodge says it takes six to eight weeks for the IRS to process tax returns once they get them in the mail–it’s much faster and more secure online. 

“If you file electronically, your refund should be issued in less than three weeks and it will be issued even faster when you choose direct deposit,” said Hodge.

“You can get assistance to kind of walk you through that process,” said Hodge.

ASK FOR HELP

The IRS also offers some other tips and local tax help for more complicated tax questions, like if you’ve had a lot of change in the last year.

“You can get in-person help to kind of help individuals reduce errors, [find] potential tax credits and deductions that they may be eligible to claim, and they would be able to help you kind of analyze your tax situation as well to see what would be most advantageous,” said Hodge.

Resources are also available for after you file: Hodge says the Howard University Center for Accounting Education offers free Financial Literacy services to Washington, D.C. residents to help them manage what may be the largest payment they receive all year.

“Through our financial literacy program, we work with D.C. residents to offer exploration of the concept of financial independence and challenges faced to examine the resident’s relationship with money. Additionally, we explore concepts around personal financial goals, budgeting, savings, investing, and career exploration, to prepare residents to strengthen their financial independence,” explains Hodge in an email. “Part of the program includes setting financial goals and tracking expenses, budgeting and saving, credit and compound interest, and credit reports.”

GET MORE TIME

If you think you need more time, you can file for an extension, but beware: anything you owe in federal taxes is still due April 18.

So if you think you may owe for whatever reason, I’d definitely advise that you get the tax return done timely. 

The AICPA recommends estimating based on previous liabilities and even overpaying if you don’t know what you’ll owe yet.

If you’re feeling stressed and live in the commonwealth, good news is you have a bit more time: Virginia taxes for most individuals aren’t due until May 1. 

Washington, D.C. and Maryland taxes are still due April 18—and you’ll need to file separate extensions with each if you need more time than that. 

CHECK YOUR WORK

Remember to build in a few minutes for a quick double check that you’ve done it all right.

“Take a deep breath and to try to avoid rushing to introduce errors into the tax return,” said Hodge.

That means thinking back one more time on any jobs you did or gigs you got paid for to make sure they’re included, double checking identification numbers and for typos on forms, reworking simple math, and making sure all relevant forms are signed. 

Any issues where you have to file an amendment could mean a delay in any refund you’d get.