NEW YORK--(BUSINESS WIRE)--Every year, millions of taxpayers scramble to beat the clock at tax time. With the April 17th income tax filing deadline approaching, Wolters Kluwer Tax & Accounting provides some last-minute tips for taxpayers still looking to file.
“Taxpayers have a few extra days to file this year with the deadline falling on April 17 rather than April 15,” said Mark Luscombe, JD, LLM, CPA and Principal Federal Tax Analyst for Wolters Kluwer Tax & Accounting. “Make the most of that time by taking steps to carefully review your return and look for ways to lower your taxes through extended tax breaks, deductions and credits.”
Top Tax Tips for Last-Minute Filers
- Take advantage of extended tax breaks: With Congress recently extending more than 30 tax breaks through 2017, taxpayers should review these to see where they may benefit
- Changes in Tax Cuts and Jobs Act: Taxpayers should also be alert to the changes made by the Tax Cuts and Jobs Act affecting the 2017 tax year such as the medical expense deduction, mortgage interest deduction, and federal disaster relief
- Double-check paperwork: Avoid that letter from the IRS asking about obvious problems on the tax return such as accurate Social Security numbers, math calculations, signatures and addresses
- Seek out professional help: This tax filing season is particularly challenging with the IRS needing to revise forms and processing software to accommodate the late enactment of the extended tax breaks – a professional can help filers navigate tax season complexities
- Take action to save taxes: Seek out additional ways to save on the 2017 tax return including contributions to a deductible IRA, a SEP IRA or a Health Savings Account
- File on time or consider filing an extension: Either file a tax return by the April 17 deadline or file an extension on Form 4868 to avoid a failure-to-file penalty
About Wolters Kluwer
Wolters Kluwer is a global leader in professional information, software solutions, and services for the health, tax & accounting, finance, risk & compliance, and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services.
Wolters Kluwer reported 2017 annual revenues of €4.4 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,000 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.
Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt (ADR) program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY). For more information about our solutions and organization, visit www.wolterskluwer.com, follow us on Twitter, Facebook, LinkedIn, and YouTube.