This time next week it will be May and the April personal tax filing season will be over. If you do not report self-employment income on your personal return then you should be filing the return by midnight on Monday. If you report self-employment income on your personal tax return then you have until June 15th to file. You don’t have any longer to pay any taxes that are owing.
We have completed hundreds of tax returns now and some trends are emerging. People are forgetting that they have to report the sale of all property they sell, even the principal residence. When we ask about property sales, our clients have to go and find out what year they bought the property and how much they sold it for during 2017.
Another popular omission is medical expenses. Don’t forget that you can claim medical mileage for appointments. Also remember that your medical and dental premiums are a part of your medical expenses.
Spend a few minutes gathering up receipts and you may be able to save some taxes. Most importantly, don’t file your tax return late!