Your Money Matters: Last minute tax tips

Geoff Harlow  -  CPA with Wipfli CPAs and Consultants in Deerfield and Vice Chairperson of the Illinois CPA Society’s Board of Directors

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https://www.wipfli.com/

Tax credits and deductions you can still take advantage of if you haven’t filed yet:

Dependent child or parent tax credit – A $1,000 maximum tax credit per child age 17 or younger is available for qualifying taxpayers. Families who offer financial support to aging parents may be able to claim them as dependents.

Health insurance premium deductions for self-employed – Business owners and self-employed taxpayers may deduct health insurance premiums, as long as they aren't already covered under their employer's or spouse's employer's plan.

Home office deduction - Eligible taxpayers can deduct $5 for every square foot of workspace used up to a maximum of 300 square feet.

Home mortgage deduction – Many already take advantage of deducting mortgage interest on their primary residence and up to certain limits on a second home. However, mortgage insurance premiums may also be written off as mortgage interest paid.

Charitable donations – Contributions of cash and goods (such as clothing or furniture) to qualified charities may be eligible as tax deductions. A record of the transaction, such as a canceled check or receipt from the charitable organization, is required for tax reporting.

IRA contribution option – Contributions to traditional and Roth IRAs for 2017 taxes can be made right up until filing deadline.

Filing deadline is midnight, Tuesday April 17, 2018