CHICAGO, April 12, 2018 – If you haven’t done your taxes yet, you’re not alone. As many play beat the clock, it’s easy to make errors when you’re in crunch time. The Illinois CPA Society suggests these tips to keep in mind for last-minute tax filers on deadline.
Maximize your deductions
- Make an IRA contribution – Taxpayers may make contributions to their individual retirement accounts (IRA) right up until the filing deadline. Maximum contributions for 2017 are $5,500. Those age 50 and older may contribute up to $6,500. Contributions may be limited.
- Fund your HSA – Deposits to health savings accounts (HSA) can also be made until April 17. Maximum tax-deductible contributions are $3,400 for individuals and $6,750 for families. Those age 55 and over may make an additional $1,000 contribution.
Avoid careless errors
- Double Check – Make sure that all social security numbers on your return are correct and that tax credits, deductions and withholdings are calculated correctly. Also, be sure to sign your return.
- Submit all needed forms – Make sure you’ve included all W-2 forms from employers as well as other necessary tax forms such as:
- Schedule A – For itemizing deductions
- Schedule C – For business owners to report profits, losses and deductible expenses
- Schedule D – For reporting capital gains or losses
Know the Deadline
- Extra time this year – The deadline to file taxes is midnight on Tuesday, April 17. Because the usual deadline of April 15 falls on Sunday and Monday, April 16 is a federal holiday in Washington, D.C., there are two more days to file this year.
- File an extension for more time – Taxpayers who need more time to get paperwork together may file Form 4868 for a 6-month automatic extension of time to file. But an extension doesn’t buy you more time to pay. Taxes owed must still be paid by the April 17 deadline.
Have questions? Easily find a CPA near you for help
The Illinois CPA Society has a free “Find a CPA” online directory that allows individuals, businesses and not-for-profit organizations to conduct a simple search for a CPA by location, type of services needed, industries served and language preference.