Here are some last-minute tips if you still haven't filed your taxes

John Gregory Image
Tuesday, April 2, 2024
Here are some last-minute tips if you still haven't filed your taxes
Tax Day is almost here and if you haven't filed your taxes yet, it's time to get them done now. Here's what to know if you're filing at the last minute.

LOS ANGELES (KABC) -- We're two weeks away from Tax Day and if you haven't filed your taxes yet, it's time to get them done now.

If you need more time, getting an extension is always a sound option.

"Extensions are still automatic within the law, but I always tell people it's an extension of time to file your paperwork, not pay any taxes that you owe and that's an important part not to confuse," said Mark Steber, chief tax information officer at Jackson-Hewitt.

Don't get confused and don't rush, especially if you have made changes in your life.

"It's been a robust year for life changes as people are coming out of the pandemic and not just getting married or having children - but working side hustles, working from home, changing jobs," Steber said.

"Life changes drive a lot more change to your tax return than legislative or even law changes, so be sure you keep those top of mind as you're getting your taxes done," Steber added.

Tax experts see mistakes all the time, but one that surprises them is when people leave money on the table.

"One out of four overlook the earned income credit ever year, and that's a big credit federally and California also has a piggy back credit, so if you leave it off for federal, you probably left it off for state, too," Steber said.

Also, don't forget tax credits if you purchased an electric car, added solar panels to a home or added energy-efficient windows.

There are a lot of breaks that can add up, but only if you apply for them.

"The IRS is not out to get you every dollar you're deserving, they're out to get every dollar they deserve, so if you leave off a benefit, you leave off a credit it stays off forever until you fix it," Steber said.

If you worry about being audited, experts say most of the time the IRS is just looking for more information, so hold on to your receipts.

Join us every weekday morning on Eyewitness News at 5 a.m. for our new segment, ABC7 On Your Side. John Gregory has you covered on money-saving tips, including tricks to save on your bills, smart negotiating tactics, plus where you can score free stuff!