GOLDEN VALLEY, Minn. - With the 2017 federal tax filing deadline looming many people are busy number crunching and getting their financial house in order.
Tuesday, April 17 is the deadline for filing. CPA Steve Warren, a senior tax manager with Schechter Dokken Kanter CPAs, appeared on KARE 11 News at 11 to talk about the new federal tax overhaul as well as a few important changes many Minnesotans may not be aware of.
This year KARE 11 and the Minnesota Society of CPAs are once again reaching out to tax filers.
Experts from the Minnesota Society of CPAs will take your tax questions FREE of charge! Get your tax questions answered by calling the KARE 11 Taxline at 1-888-546-8811 March 20-23 from 4:00-7:00 p.m. and March 24 from 8:00 a.m.-10:00 a.m.
The phone bank telephone numbers will also appear at the bottom of your television screen daily during live KARE 11 broadcasts at 4pm, 5pm, and 6pm as well as Kare 11 News Saturday.
11 tax tips for KARE 11
(Furnished by MNCPA member Steven E. Warren, CPA, MBT, Schechter Dokken Kanter CPAs)
1. Use the trade date rather than the settlement date for determining when a security was purchased or sold.
2. Consider any dividend reinvestments when calculating the gain or loss on the sale of a security.
3. Your auto tabs registration fee less $35 per vehicle can be deducted as tax expense when you itemize your deductions. You can learn the deductible amount at https://app.dps.mn.gov/dvsvehicletax/default.aspx by selecting “Plate” for the Record Type, enter the plate number and click on the “Search” box.
4. Make sure you have the appropriate support for your deductions in the proper form and in a timely manner. For example, obtaining proper support for a charitable contribution prior to filing your tax return is normally required to deduct the donation.
5. Out-of-pocket charitable contributions and charitable mileage are deductible and are often overlooked.
6. Deduct the balance of any unamortized points when you refinance your home mortgage.
7. Some lower-income people choose not to file because they don't owe anything. However, they may be missing out on a refundable earned income credit, working family credit or property tax refund. Filing is also the only way to get a refund of income tax withholding that was not owed.
8. State income taxes are deductible to taxpayers who itemize, including the balance due with your last year's state income tax return.
9. Make sure the names and social security numbers used match what is in the Social Security Administration database.
10. When paying your federal balance due with a check, be sure the payee is “United States Treasury” and to sign and date the check.
11. For paper filers:
• Sign and date the returns.
• Attach to the tax returns copies of W-2s and 1099-Rs that include withholding.
• Copy the signed returns for your records.
• Use correct postage. Consider sending using certified mail if additional proof of mailing is desired.