Politics & Government
Ask the Expert: Last Minute Tax Prep Tips
H&R Block rep says to relax, do your research, collect your docs and get help.
For those experiencing greater dread/anxiety the closer we get to the (somewhat extended) , you are not alone—in your mood or your procrastination.
We found an expert at to ease us through this angstful time of year. Whether you prepare your taxes yourself (bravo!), with filing software or go get professional help at a chain or with an accounting firm, Phil Amundsen, regional manager of the H&R Block offices in Westchester and Rockland counties, offers these tips:
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Relax, there are two extra days to file. And, little known fact: If you have a tax liability you need to file on time (or get it date-stamped if you are mailing your return in), but there are no penalties for late filing if the IRS owes you. By law, said Amundsen, “You should get it in, but the IRS seems to forgive.” But why delay if you're getting money back?
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Make sure you've done your homework first (gathering all your source documents and receipts).
Follow an online checklist. Here's one from the IRS if you're eFiling and another from H&R Block.
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There are so many deductions people forget about, said Amundsen, and the software program you use “is only as good as the user.” So, do your research or get help.
According to Amundsen, here are some of the “most-missed” deductions specific to our state and region:
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New York state offers a residential energy credit this year. If you've bought storm doors or installed insulated windows, finished an attic, or have a new in-wall efficient air conditioner, you could get credit.
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New York term healthcare credit for long-term healthcare.
There's a new refundable New York credit for ambulance corps workers and firefighters.
There's a teacher credit. Simple as that: if you teach, you get $250.
Education credits. From the New York State Higher Education Services Corporation's website: “The Federal government and New York State offer tax credits for qualified undergraduate, graduate/professional and part-time postsecondary study, as well as a tax deduction for the initial interest paid on qualified loans.”
“Casualty losses” can be applied to damages suffered when parts of . Applicable losses you can put on your return.
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