New Canaan expert shares last-minute tax advice for tax-filers
Filing an extension doesn’t mean you don’t have to pay taxes by April 15, Roy Abramowitz says. You should calculate what you think you owe and pay it by the deadline, or face penalties.
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Time is running out to file your taxes, and a local expert is sharing some last-minute tips.
Filing an extension doesn’t mean you don’t have to pay taxes by April 15, Roy Abramowitz says. You should calculate what you think you owe and pay it by the deadline, or face penalties.
“It’s like you didn’t file an extension," Abramowitz says. "You’re going to be charged late-filing penalties, underpayment penalties and interest, which is compounded daily."
Experts recommend e-filing to get your refund quicker, make sure to take all the deductions you can, and never ignore letters from the IRS, especially if you think you owe back taxes.
“If you work at home, take a home office deduction and include everything," Abramowitz says. "Portion of the mortgage, the real estate taxes, repairs and maintenance, everything."
Recent IRS layoffs have caused processing delays, Abramoqitz says.
If you send in your return by mail, experts say, make sure to request a certified return receipt to have proof.
The IRS is also warning taxpayers about scams this time of year.
