Last-Minute Tax Filing Checklist: Important Deductions You Might Miss

Written By Dana

If tax season has caught you off-guard, you're not alone. Many taxpayers find themselves scrambling to file their returns as the April deadline approaches. Even if you're filing at the last minute, you can still maximize your deductions and potentially increase your refund by using our helpful checklist. Here's how you can quickly identify key deductions and credits that taxpayers often overlook.

1. Gather Your Essential Tax Documents

Before diving into deductions, make sure you have these documents ready:

  • W-2s from employers

  • 1099 forms for freelance or gig work

  • Bank and investment statements

  • Mortgage interest statements (Form 1098)

  • Records of charitable donations

  • Receipts for medical expenses

  • Documentation for childcare and education costs

2. Don't Miss These Commonly Overlooked Deductions

Even when time is tight, make sure to consider these important deductions:

  • Home Office Deduction: If you're self-employed and work from home regularly in a dedicated office space, you might qualify for significant deductions.

  • Student Loan Interest Deduction: You can deduct up to $2,500 of interest paid on qualified student loans.

  • Medical Expenses: If your out-of-pocket medical expenses exceed 7.5% of your Adjusted Gross Income (AGI), they might be deductible.

  • State and Local Taxes (SALT): You may deduct state and local taxes up to $10,000, including property, income, or sales taxes.

  • Charitable Contributions: Donations made to qualified charities are often deductible if you itemize.

  • IRA Contributions: Contributions made by April 15 can still reduce last year’s taxable income.

3. Tax Credits: Money Back in Your Pocket

Don't overlook tax credits, which reduce your taxes dollar-for-dollar:

  • Earned Income Tax Credit (EITC): Low- to moderate-income earners may qualify for this valuable credit.

  • Child Tax Credit (CTC): Up to $2,000 per child under age 17.

  • American Opportunity Tax Credit (AOTC) and Lifetime Learning Credit (LLC): Valuable credits for education expenses.

  • Saver’s Credit: Credit available for certain retirement plan contributions.

4. Double Check Your Filing Status

Your filing status (Single, Married Filing Jointly, Married Filing Separately, Head of Household) directly impacts your tax brackets and credits. Ensure you've chosen the most advantageous status for your circumstances.

5. Review Before Submitting

Even at the last minute, take a moment to review:

  • Your Social Security Number and those of dependents

  • Accurate bank account information for refunds

  • Basic arithmetic and correct figures entered from forms

Mistakes can delay your refund or prompt an IRS notice later on.

Conclusion

Last-minute filing doesn't have to mean missing out on deductions and credits. Using this checklist ensures you maximize your savings—even under pressure. If you're unsure or feeling overwhelmed, consider filing an extension or contacting a tax professional for expert advice.

Helpful IRS Resources:

Even at the last minute, careful attention can lead to significant tax savings and peace of mind.

Dana
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