Last Minute Tax Tips

April 15th Tax Deadline Approaches; Are You Prepared?

April is here and the final rush is upon us.  The following are some last minute tax tips to keep in mind for the end of this tax season and to prepare you for next tax season (tax year 2019).  If you are still in need of professional tax help, please do not hesitate to call us toll free at (888) APRIL-15 or click the green bar to schedule an appointment.  But hurry; the April 15th deadline is quickly approaching:

Know Your Withholding:  One of the features of the new tax laws was a change in withholding tables resulting in reduced tax withholding for many W2 employees. While reduced withholding increases your weekly paycheck, it also reduces–or in some cases entirely eliminates–your expected refund.  Please check with your employer’s accounts department to verify your withholding and make any preferred adjustments.

Extension Filings Are Up:  We’ve seen a number of our clients taking a “wait-and-see” approach to these new tax law changes.  As such, we’ve seen a large increase in the amount of extensions filed this year. If you haven’t filed yet & owe money to the government, you might want to consider filing an extension. Remember: An extension is only an extension to file your final tax return; it is not an extension to pay the taxes you owe.  An estimate of taxes due is sent along with your extension by the deadline.

IRS Filings Are Down:  The number of returns submitted to the IRS is down about 2% compared to last year.  2018 was the busiest April R&G Brenner has ever had. We expect an even busier final 2 weeks this year.

Tax Filing Deadline:  To make matters worse, the past couple of years we’ve had a couple of extra days to file. Not this year: the final day to file is April 15th.  Tax returns must be electronically filed or postmarked by 11:59 pm on 4/15 or you will be subjected to penalties and interest.  Remember: This deadline is only if you owe.  If you are due a refund you have 3 more years to claim your 2018 refund.