Tax tips before the deadline

JACKSONVILLE, Fla. — With the tax deadline soon approaching, there are a few crucial reminders every taxpayer should keep in mind. Whether you’re filing as an individual or for a business, understanding key deadlines and potential deductions can help you avoid costly mistakes and maximize your return.

David Selig, a NYC-based Federal Tax Practitioner at Selig & Associates, breaks down what to do and what to avoid this tax season.

“Be very careful, don’t get overly creative because if you do and you claim something you’re not entitled to, the way the IRS computer system is now, they’ll in old likelihood catch it. They will send you a bill, they may send you a 20% penalty for negligence so just be careful.”

The pressure is on with the tax deadline, which allows a lot of taxpayers to make mistakes. People often rush, forget important details or get confused, which can lead to problems with their return.

“If you had a spouse that died, and your filing for a qualified survivor and may forget to attach a death certificate and the IRS might disallow the claim even though you’re entitled to it. A real common mistake is people forget to include a 1099 they may receive for interest income or maybe they did some work for as a consultant and maybe they didn’t get the 1099 but the company reported it,” said Selig.

If you are feeling uncertain about your taxes you can file for an extension before the deadline.

“If you’re not prepared or you believe you can do better than what the numbers you’re crunching right now or your accountant CPA is just sort of backlogged then an extension is perfectly acceptable. It doesn’t subject you to additional scrutiny at all.”

When filing your taxes, be sure to review your return and verify that all your information is accurate.

“It’s your return, it’s your obligation to know what’s on it even if you are not signing it with an old school John Hancock, you’re still submitting it under the penalties of purgery so tread carefully,” said Selig.

The tax filing deadline is April 15th, with an extended deadline of October 15th.