Tax Deadline: Charlie’s Top Ten List for Procrastinators

You've put it off long enough. Ready to tackle your tax return? We've compiled a top ten list of some important things to keep in mind.

1. Make sure you’re not missing some typically overlooked deductions:

  1. State/local taxes paid on last year’s return
  2. Charity donations: cash payments (sit down and go through your online bank statement or checkbook and look for cash spent)

2. Check for tax credits that tend to get missed:

  1. Energy tax credit: new doors and windows, etc.
  2. Foreign tax credit: if got paid dividends from a foreign company

3. IRA and HSA contributions for 2015: you can still make 2015 contributions up to the tax deadline in April.

4. New Ohio tax return form: major changes in our forms this year.

5. If you own a business: good news this year. Ohio’s helped out with the business income deduction. Don’t overlook it.

6. Extension panic: don’t get nervous if you have to file an extension. It is important to remember that the extension is for the return, not the payment. For example, if you owe $500 to the IRS it will still be due on April 18th (You have a couple of extra days this year, as the deadline was bumped to April 18th instead of the 15th).

7. If you file and it turns out you owe a lot of money that you don’t have, don’t panic.  You can work out a payment plan with the IRS.

8. Already filed and you got a corrected statement? File an amended return.

9. Double check yourself:

  • Check and recheck your figures
  • Right Social Security number?
  • Sign the forms (if paper return)
  • Attach all schedules and forms
  • Mail return or extension request by April 18 deadline
  • Don’t forget postage

10. Need help? – resources, forms, etc. or dial 2-1-1

Charlie Heid is a partner specializing in tax services, who joined Gilmore Jasion Mahler, LTD in 2002. He leads our Manufacturing Specialist Group. Charlie shares tax and financial insight monthly on WTOL 11 and Fox Toledo News.

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