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April 2018 Daily Tax Tips
Spring, and the tax deadline, has sprung!

Tax_tip_icon_pencil_point

It's here! Uncle Sam's favorite month. Those of us who put off filing our taxes tend to do so because we owe the U.S. Treasury. That ends on Tax Day.

True, we can file for a six-month extension. That, however, is more time to file your forms. When you submit your Form 4868 you also must send a good estimate of any tax you owe.

Since you have to do some calculating anyway and get your extension into the Internal Revenue Service by the April due date, which is April 17 this year, you might as well finish the job by then.

These tax tips can help. You'll find the weekday pieces of tax advice, like January's and February's before them, will be highlighted in the upper right corner of the ol' blog.

After a Monday-through-Friday day in the spotlight through April 17, this month's tips will find their new permanent home on this page.

And if you need more tips because you're just now getting started on your Form 1040, you can find them in the previously posted monthly tax tips pages. You'll find those links at the end of this page.

Tax planning, too: If, however, you are done with your annual tax filing, good for you. Now you can get to work on ways to trim your 2018 tax bill.

That will be a bit more of a challenge now that new tax laws, courtesy the Tax Cuts and Jobs Act, are in place. The tips about the tax changes, some of which have already been posted, will help here.

But for now, it's time to focus on finishing up your 2017 taxes. So let's get to the tips.

  1. Don't overlook these tax breaks — Tax Day is almost here. You're in a hurry. You're overwhelmed. You're scared. Take a breath. Then check out these 12 often overlooked tax breaks. (April 2, 2018)
  2. Above-the-line tax deductions don't require itemizing — Most taxpayers claim the standard deduction. Even more are likely to in 2018, since those amounts have been dramatically increased for the 2018 tax year under the Tax Cuts and Jobs Act. But even if you use the standard deduction, you still might be able to reduce your tax bills by claiming some income adjustments, popularly known as above-the-line deductions, that are found directly on tax Forms 1040 and 1040A. (April 3, 2018)
  3. When to send the IRS an ID theft affidavit — Folks who are victims of tax-related identity theft may wonder when they should file a Form 14039. Here's the scoop from the Internal Revenue Service on when to send it this official ID theft affidavit, which you now can submit online. (April 4, 2018)
  4. Many and varied online state sales tax laws — The Supreme Court this month will hear arguments on interstate taxation of online sales. Whatever the decision, there will be post-ruling confusion. Check out where your state stands as far as collecting tax on remote sales. (April 5, 2018)
  5. Take a pre-disaster inventory — Hurricane season doesn't officially start until June 1, but it's not too early to get ready for what is predicted to be an active tropical storm season. One component of hurricane season preparation should be an accurate inventory of your property. (April 6, 2018)
  6. 6 tips for new taxpayers — Filing a 1040 form for the first time? Don't panic. Here are six suggestions to help you make it through your initial contact (and future ones, too!) with the Internal Revenue Service. (April 9, 2018)
  7. Maximizing itemized deductions — If you itemize deductions, make sure you make the most of what can be claimed on your Schedule A for the 2017 tax year. It'll be the last time, at least for a while, for some of these deductions thanks to tax law changes that took effect in 2018. (April 10, 2018)
  8. Don't make these 12 costly tax mistakes — Taxes are complicated, so it's no surprise that taxpayers make mistakes now and then. But some errors seem to show up regularly. Here are a dozen common tax filing errors that you should take care to avoid making. (April 11, 2018)
  9. 10 tax tasks to take care of by Tax Day — April 17 is THE big day for taxes, with millions of filers working toward that tax filing deadline. But finishing up your annual Form 1040 is just one of 10 tax tasks that many Americans must take care of by Tax Day. (April 11, 2018)
  10. Take advantage of a filing extension — Sometimes taxpayers find themselves unable to file their taxes by the April due date. In these cases, turn to Form 4868 to get a six-month extension to file your federal tax return. (April 13, 2018)
  11. Get your part of $1.1 billion in unclaimed federal tax refunds — Lots of folks are anxiously awaiting their 2017 tax refunds, but more than a million taxpayers also are due money from Uncle Sam in connection with tax returns they didn't file three years ago. But to get your part of the more than $1 billion the IRS wants to refund, you must file your 2014 return by the Tuesday, April 17 tax deadline. (April 16, 2018)
  12. 5 delivery tips for paper return filers — Are you a committed snail mailer (or private delivery service user) when it comes to your taxes? Here are some tips to help you get your old-school paper tax return to the IRS on time. (April 17, 2018)
  13. E-file and e-pay options — If you're thinking of finally joining the majority of taxpayers who take care of taxes electronically, and you have through today, April 18, to do so thanks to the added filing day, here's a look at your e-file and, if you owe the Internal Revenue Service, e-payment options. (April 18, 2018)

Want more tax tips? You are in luck! You can find the previous two month's collected tax wisdom by clicking the following links. (April to be added when that month arrives.)

January 2018 Daily Tax Tips

February 2018 Daily Tax Tips

March 2018 Daily Tax Tips

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Weekly Tax Tip

  • Missed Tax Day? Do this now — Some folks didn't file their federal taxes on April 17 (or 18). If you're among those who missed the deadline and also neglected to get an extension, you need to make these four tax moves ASAP. (April 20, 2018)

  • Tax Tip; click pencil for all tax tip links

  • Check out all the latest post-Tax Day tax advice in the 2018 edition of Weekly Tax Tips. Many of the once-a-week tax tips will focus on planning moves to cut your 2017 tax bill. If, however, you're working on a filing extension for your 2016 return, you can get a refresher of this year's Daily Tax Tips at their respective filing season monthly pages: January, February, March and April.

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    Kay Bell — Native Texan (the blog title totally makes sense now, right?). Professional journalist. Tax geek.

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Tick ... Tick ... Tick

  • Tax Season 2018 continues!
    Did you get an extension to file your 2017 tax return? You are not alone. This countdown clock will make sure that all of us — yes, I'm on added filing time, too — still working on our tax returns don't miss the Oct. 15 extended deadline. You'll find tips and more here at the ol' blog to help you make that new, and final, filing due date and reduce your already accruing, under the new tax law provisions, 2018 tax bill.
    Note: I'm in the Central Time Zone, so adjust accordingly for where you live.

Time for Tax Tasks

  • monthly tax moves

  • April 1: No fooling, U.S. taxpayers.
    Tax Day is just 16 days away.

    April Fools! GIF from Aprilfools GIFs

    April obviously is Uncle Sam's favorite month because it's when most of us reconcile our tax bills. A large number of us, in fact, wait until mid-April to complete our 1040s and send the U.S. Treasury some added dollars.

    If you're part of the procrastinating contingent, then check out these April tax moves. They might be able to help you cut any tax you owe or add to your expected refund.

    April 5: Looking for tax help? This late in the filing season it might be tough to find a tax pro willing to take on new clients. But you still might be able to get some free face-to-face tax help if you qualify for programs such as Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE).

    April 7: If you're doing your taxes on your own, make sure you don't overlook any tax breaks. It will take some extra time to double check, but it could be time well spent if one (or more) of these tax deductions or credits can cut your tax bill or get you a bigger refund.

    April 10: Yes, Tax Day is just around the corner, but you still have to take care of other tax tasks. If your job includes tips and you received $20 in gratuities in March, use Form 4070 to report them today to your employer.

    April 13: Don't let your superstitions, tax or otherwise, or your still pending filing duties frighten you this Friday the 13th. Instead, use this day to review these 17 ways to save on your taxes.

    April 15: On this usual tax-filing day, take the time to look into contributing to an IRA. Putting money into a traditional IRA by this year's April 17 filing deadline could also give you an above-the-line deduction on your return.

    You also have April 17 to open or add to a Roth IRA and having it count toward the prior tax year. While a Roth isn't deductible, when you max out your annual contribution amounts you'll have a bigger retirement nest egg. Plus, your contributions to either retirement account could help you qualify for the Saver's Credit.

    April 17: OK. This is it! Tax Day 2018.
    Or not. Due to system problems on its big day, the IRS pushed the deadline for 2017 return filing to Wednesday, April 18.

    strike through of 17th calendar page

    April 18: OK. This is it! Really.
    I'm not kidding this time.
    Tax Day 2018 is here.

    calendar page 18 circled marked tax day

    You've got until midnight tonight, the new April 18 deadline, to electronically file your 1040. If you qualify, the IRS-tax software industry partnership known as Free File is waiting for you.

    IRS Free File; click image for details

    You can use the no-cost online tax preparation and e-filing option as long as your modified adjusted gross income is $66,000 or less.

    If you discover that, even with the Free File help, you just can't complete all the necessary tax paperwork, make sure you file Form 4868 to get an automatic six-month extension. Just be sure to pay any tax you owe. The extension only gets your more time file your forms, not extra time to pay your tax bill.

    Remember, too, that April 18 now is also the due date for your first estimated tax payment for the 2018 tax year. There's no extension allowed here.

    And if you didn't file a 2014 tax return back in 2015 and were due a refund three years ago, file that old 1040 by today or kiss your unclaimed refund money goodbye.

    April 20: Whew! Now that filing is done (except for us procrastinators on extension) and you've had a few days to get settled, it's time to take care of your tax records. You need to hang onto some filing paperwork just in case the IRS has follow-up questions.

    April 25: If you got or are expecting a big refund or ended up owing Uncle Sam a lot when your filed your return, now's the time for a paycheck checkup and to adjust your payroll withholding, especially since we're now dealing with new tax laws.

    April 30: And about those tax law changes, take some time to review what's in the Tax Cuts and Jobs Act so you can make moves the rest of this year that make the most of the new tax provisions. Check this site in May for more on just how to do that!

    Small Business Tax Calendar: Important filing, deposit and record keeping dates throughout the year that your company needs to know. You can get more tax calendar information at the IRS' online calendar page and view the full year's important business and individual tax dates in IRS Pub. 509.

State Tax Help

  • Don't forget your state taxes!
    Forty-three states and D.C. collect personal income taxes. But even if you live in of the seven states without an income levy, you still face other state (and local) taxes.

    State Tax Departments provides links to your state's Web page. The companion page, Tax Tidbits, is the compilation of blurbs about each state's tax laws. And for more state tax news, check out all our state tax bloggings.

0, 1, 2, 3, 4, 5, 6, 7, 8, 9 ...

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I gotta tell ya ...

  • AKA Disclaimer:
    I am a professional journalist who has been covering tax issues since 1999.
    I am not a professional tax preparer.
    The content on Don't Mess With Taxes is my personal opinion based on my study and understanding of tax laws, policies and regulations. It is provided for your private, noncommercial, educational and informational purposes only. It is not a recommendation of any specific tax action(s) you should or should not take. Similarly, mentions of products or services are not endorsements. In other words, my ramblings on the ol' blog are free advice and you know what they say about getting what you pay for. That's why when it comes to filing your taxes, I urge you to get additional, professional, paid-for guidance from an accountant, Enrolled Agent or other qualified tax preparer who is familiar with your individual tax circumstances.

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