Tax preparation tips as filing deadline approaches

Tax prep tips as filing deadline approaches
Published: Apr. 10, 2023 at 6:19 PM EDT
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(WFSB) - Like it or not, your taxes are due April 18th, 2023. If you haven’t filed yet, there are ways to get some extra time.

“I feel like it’s definitely stressing everybody out,” said Vince Waite.

Channel 3 ran into Vince Waite outside the H & R Block in East Hartford, but he actually wasn’t going inside.

He’s not planning to file his taxes just yet.

“I recently filed for an extension. It’s my second full-time year in real estate, so I’m a 1099 employee, so I’m going to take my time and wait until I get a few more deals to close and put that aside to pay my taxes,” said Waite.

The deadline to file an extension is also April 18th.

An extension makes your new deadline October 16th.

CPA David Luszcz is a partner at Slade & Company. He says an extension isn’t quite as simple as it sounds.

“It’s an extension of time to file but not time to pay, so you have to pay in what you think you’re going to owe,” said Luszcz.

Luszcz says there several things different from last year. For example, you can no longer deduct chartable contributions on top of the standard deduction.

Also, if you want to keep your identity safe, it’s now easier to get an identity protection PIN on the IRS website.

“It verifies your identity with the IRS, so that if someone else files, or tries to file in your place, it’s not going to go through,” said Luszcz.

While the tax deadline is certain, the stress doesn’t have to be.

“I feel like everyone can get stressed out about it, but it’s like it’s one thing at a time,” said Waite.

Scammers can also try and take advantage of last-minute filers.

Better Business Bureau says its best to review any tax preparer’s credentials and reviews before handing over your tax forms.