CHARLOTTE, NC (WBTV) - The deadline to file your taxes is Tuesday, but if you still need a bit more time, there are a few last minute tips that could save some time and money.
According to Joseph Roseman, who is a financial expert with the OWRS Financial Firm, the first tip is to itemize or list every deduction you qualify for. Common itemized deductions for federal tax filings include medical expenses, mortgage interest, charitable contributions and property taxes.
Roseman said this is the best way to get money back, legitimately.
He said you should also deduct state and local taxes. This is the last year for a long time that you will be able to deduct state and local taxes that equal more than $10,000. The new tax law caps deductions at $10,000 for the 2018 fiscal year.
Another thing to keep in mind, if you need more time, is to file for an extension, according to Roseman. "If not and it doesn't get there in time, then they're going to wack you with a late penalty and that's the last thing we want is for the IRS to extra money from us," he said.
Even if taxpayers are applying for an extension and they owe money, they still have to pay by Tuesday, Roseman said.
Taxpayers had two extra days to file this year.