So far this year, over 78 million taxpayers have filed tax returns with the IRS. It’s a big number, but considering that the April 15^th deadline is only a week away, there are still more than 46 million tax returns outstanding. A lot of people will be busy finishing their taxes this week, and a lot of these people will rush through the process and make mistakes that could cost them a great deal of time and money. Keep these tips in mind if you’re a last-minute taxpayer:

- Look for deductions: A lot of taxpayers assume that they won’t qualify for certain deductions because of their income. The past year has been difficult for many people and you may find that your income is not what it used to be. Don’t make the mistake of assuming that you won’t qualify for deductions. IRA contributions, tuition credits, and medical expenses are good examples of these deductions that you may qualify for.

- Be Aware Of Tax Changes: A few things have changed from last year that will reduce the amount that many taxpayers owe. One example is that a credit for property taxes has been added that allows taxpayers to deduct $500 (individual) or $1000 (joint) if they paid taxes associated with real estate.

- Get help: Doing your taxes yourself is fine if you know what you’re doing, but sometimes paying for tax preparation help can mean more money in your pocket when you file. There are web based programs available that are reasonably priced, and most tax preparation businesses will be working around the clock over the course of the next week to get everyone filed in time. This will help you take advantage of opportunities to save money and reduce the likelihood of a costly mistake.

The biggest mistake you can make as a taxpayer who has not yet filed is to rush through a return and make a mistake that raises red flags for auditors. If you truly don’t have adequate time or all of the necessary information to file an accurate return, consider an extension to buy enough time to get it right!

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Tags: Deductions, IRS, taxes, taxpayers

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