Tax day is hours away. Have you filed, yet?
If not, tax expert and author Tom Wheelwright is sharing his top 5 secrets to savings.
#1 File an extension.
Wheelwright says it takes just minutes and you can do it online.
#2 Get a tax preparer
Accountants can help you save money in the long run, and should be familiar with the ever-changing tax laws.
“We have the new Trump Tax Law, which has lots of new deductions and lots of new opportunities for tax savings,” Wheelwright said.
#3 Claim all of your deductions.
Wheelwright said there are more deductions than you might know about.
“Small businesses, oh my heavens! They have this new deduction called the 399A called the passthrough deduction," he said. "It’s a huge deduction, but it’s extremely complicated.”
#4 Consider investing in a home office
Designating a small space could save big bucks.
“So it just has to be unique, uniquely used for office space. It just can’t be used for anything else,” Wheelwright said.
#5 Have your accountant speak to the IRS if you get audited
“I can always say I don’t know. Whereas, if they ask you, how do you say I don’t know? You’re the taxpayer!”
If you decide to do your own taxes, you can find the 1040 form here.
There is also an extension form here.