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As the April 15 tax deadline approaches, experts emphasize urgent steps to minimize liabilities and avoid penalties. Here’s a consolidated guide to last-minute strategies, drawing from recent advice by financial professionals and organizations.
## Key Last-Minute Tax Tips
– , CPA, warns of a and urges filers to act quickly, especially if seeking professional assistance.
– Filing early is critical to (5% monthly on unpaid taxes) and ensure faster refunds via direct deposit.
– up to $600 for couples (under the CARES Act) and (capped at $10,000) are often overlooked, even for standard deduction filers.
– Review eligibility for and , which directly reduce tax bills.
– Contributions to ($7,000/$8,000 for under/over 50) and can still reduce 2024 taxable income if made by April 15.
– Gather all for deductible expenses (e.g., medical bills, business costs).
– reduces errors and accelerates refunds, with free options available for incomes under $84,000 via IRS Free File.
– File for a six-month extension (deadline: October 15), but note that to avoid penalties.
– Double-check , and math errors to prevent processing delays.
– Self-employed individuals should leverage and .
By acting swiftly and leveraging these strategies, taxpayers can navigate the deadline with confidence, keeping more of their hard-earned money and avoiding unnecessary government penalties.
