Money Matters: Tax Day tips for last minute filers

By WDIO

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Tax Day is fast approaching. The deadline is April 18th, and if you haven’t submitted your tax return yet experts say it may be time to bite the bullet.

For anyone filing at the last minute, there are a few costly mistakes to avoid. For what last-minute filers need to know is Barry Bigelow from Great Waters Financial has some tips.

“What we often forget is the standard deduction is the only way to go, most people don’t have enough deductions under the current system that are itemized anymore so a lot of people file through Turbo Tax and try to itemize and for many people they don’t qualify”, says Barry

If you aren’t sure you will make the deadline in time you can file for a Tax-Filing Extension. Some things to keep in mind though:

  1. Apply by April 18 to Avoid Penalty 
  2. Pay the IRS What You Owe 
  3. File By October 16