NEW YORK, April 12, 2012 /PRNewswire/ -- The deadline to file taxes this year is April 17. While taxpayers get a few extra days, that's no excuse to delay filing or overlook deductions, according to the 27th edition of the Ernst & Young Tax Guide.
"People often forget an essential step – review last year's tax return when you're filing this year," said Greg Rosica, an Ernst & Young LLP Tax Partner and contributing author to the Ernst & Young Tax Guide. "Be smart and review last year's return to remind you of many deductions, credits and savings for this year."
Rosica recommends considering recent life changes since these key moments can affect taxes. Employment changes, changes in investments, marriage, moving, retirement and starting a family can all have tax implications.
Rushing to beat the tax countdown? Don't file without considering these last-minute tips from the Ernst & Young Tax Guide 2012:
- Don't miss deadlines. Taxpayers get a few extra days to file or at least request an extension.
- There's still time to make a contribution to your IRA.
- Check for receipts. Deductions for cash contributions to charity need a bank record, such as a canceled check or dated receipt from the organization. You must retain the charity's acknowledgement of your gift if you made a donation of $250 or more.
- Be sure to sign your return!
- Always check your math. Even if you rely on software, check to make sure you input the correct numbers.
- Deduct the cost of tax preparation software and publications.
- Include your Social Security number on every page of the return so if any page is misplaced by the IRS it can be reattached.
- Write your Social Security number, form number and tax year on the face of checks to the United States Treasury.
- Keep copies of all documents sent to the IRS.
"You can extend, but you can't delay," says Rosica. "If you request an extension, you can file up until October 15, but 100 percent of taxes owed are still due by April 17."
Visit www.ey.com/EYtaxguide for more tips, suggestions and information.
Editor's Note: B-roll of Rosica and the Ernst & Young Tax Guide is available.
The information contained in this press release is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to readers. No information in this release was intended or written to be used by readers for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions. Readers are cautioned that this material may not be applicable to, or suitable for, their specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. Readers are encouraged to consult with professional advisors for advice concerning specific matters before making any decision, and Ernst & Young LLP disclaims any responsibility for positions taken by taxpayers in their individual cases or for any misunderstanding on the part of readers. Ernst & Young LLP assumes no obligation to inform readers of any changes in tax laws or other factors that could affect the information contained herein.
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SOURCE Ernst & Young