Today on MYM360 – Hey tax season is officially here. And, you should have already received most of your forms. The good news is you have until April 17th to file your taxes this year. April 15th is on a Sunday and Monday the 16th is Emancipation Day – a legal holiday.
With all of the hacks last year, including Equifax, it might be a good idea to file as early as possible to avoid as many instances of tax fraud as possible. If you are expecting a refund and you have direct deposit, the IRS will start sending those out as early as February 27th.
While most changes in the new tax law will not impact your taxes this year, if you have had large medical bills the medical expense deduction has dropped from 10 percent to 7.5 percent of your adjusted gross income so it is now the threshold is lower to qualify for this deduction. But that’s basically it for new stuff.
One last minute thing you can do that might save you some money is to invest in a traditional IRA – the deductibility will depend on meeting certain income and other requirements. This is not true of Roth IRAs. And, you have until April 17 to do that.
Some of the standby things to remember include:
- Don’t wait until the last minute – start to gather all of your info now in case you need to request additional forms or receipts
- Check your math and personal information more than once
- Be sure to sign your forms
There are lots of options to complete your taxes from doing them by hand, to tax software on and offline to getting assistance from franchises like H&R Block to working with an accountant. Choose the option that works best for you and your situation. One caution though if you will be doing it yourself, double check your work because answering one question incorrectly or transposing your numbers could become a real hassle for you later.
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Thanks so much for listening and as always remember that minding your money really is the path to a richer life!