HOUSTON - The clock is ticking, this is the last weekend to prepare your income taxes! If you haven’t started yet, you’re not alone. The IRS says 25% of filers wait until the last two weeks to file.
Since Monday is a holiday in Washington, D.C., everyone has until the Tuesday, April 17th, and while the heat is on, rushing on your taxes is risky.
“The biggest risk is of course claiming the wrong filing status, looking at the wrong tax tables, transposing numbers on the return, both on the social security for you and your dependents,” says CPA, Edward M. Gardner.
Experts say slow down, take breaks, and use last year`s return as a roadmap for remembering what statements you need.
What`s really going to be different about filing in Houston? The impact of Harvey!
“This year, especially if someone experienced loss with Hurricane Harvey and they`re trying to do their own return it might be good for them to go to a tax professional that`s familiar on how to deduct casualty losses because there are special rules this year with Hurricane Harvey,” Gardner explains.
Special rules like whether to claim those losses on 2017`s return, or go back and amend your 2016 return. Yeah, that`s a thing!
“It can mean major dollars,” Gardner says.
So get them done, or at least file the extension by April 17th. But if you do file an extension, if you owe money to the government, interest on what you owe will still start accruing April 18th, even though you`ll have until October 15th to file.
But according to the IRS, you will not be subject to federal filing penalties, so at least that`s something!