Last Minute Tax Tips

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Last Minute Tax Tips

WKTV News

If you're one of the thirty five-million people who wait until the last-minute to file your taxes, well at least you know you're not alone. But now its time to buckle down and get it done before April 15th.

You don't have to sweat because you still have time to file your tax return. The problem is you aren't giving yourself much time to look for errors or all the possible tax deductions you may be entitled to. You're best bet is to get in contact with your tax preparer.

Make sure you have all the necessary paper work and forms. Always file your tax return on time, even if you owe money but can't pay it on time. Those late penalties will really hurt you.

There are all kinds of small deductions that you might not even know about, but you will want to take the time to find. Here's one for those who have done some home improvements. If you replace any doors, windows, furnace, hot water heater, insulation, you can get a maximum of up to 500 dollar credit on your federal and if you install a furnace between July 1st 2006 and July 1st 2007 there's a five hundred dollar credit on NY taxes as well.

Because there is room for error the longer you wait to do your taxes...here are the biggest mistakes the I.R.S. sees each year:

- Writing down the wrong social security number.
- Miscalculations.
- Omissions such as the amount of income earned.
- Forgetting to sign and date the return.

These are all very simple things that you should make sure to look over before you put your return in the mail, otherwise you'll just be making more problems for yourself down the line.

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