By Ethan James Duran
The nation’s tax deadline this year is on April 17th, which is only less than two weeks away. With the deadline hurtling towards us, it’s best to know the facts on completing your taxes and how to get ready for next year.
There are many tax preparation companies like H&R Block that offer in-office appointments year-round.
There are also online software programs like TurboTax that help complete your income taxes. Some taxpayers may attempt to complete their taxes on their own, but risk error when they do.
According to a press release by H&R Block, one in three people will wait until the very last minute to complete their taxes before the deadline this year.
Patricia Joslin, the senior tax specialist of a local H&R Block, says that an in-office appointment is the safest way to complete your income tax.
Joslin says that one of the leading mistakes people make on their 1040 tax form is when filling out their filing status. Filing status are the first questions on the individual tax returns that ask about marital status and dependents.
Everyone’s tax situation changes, and it’s important to fill out the form with the most accurate and up to date information.
Another mistake taxpayers usually make is not claiming entitled income credit. Some people mistakenly think that they can’t claim educational credit when they have student loans, according to Joslin, and it’s important to claim the right credit to get the right amount of money back.
An important thing to look out for is Line 11 on the 1040 form. There are over 20 modifications for Line 11 in Wisconsin, and those modifications can change depending on which state you live in.
“Plugging your information into a computer risks costly error,” said Joslin because online programs may overlook things like Line 11 and cause you to miss out on extra refund money.
One tax myth is that it’s appropriate to use your final pay stub at the end of the calendar year on your tax return, and this action is illegal.
If you can’t complete your taxes before the April 17 deadline then the best-case scenario is to get an extension. The deadline can be pushed to October and tax preparation companies do offer conference calls to let the client know what they are missing.