3 last minute tax tips that may help

In the frenzy to get your taxes done on time, it is simple to overlook possible deductions and ways to scale back your overall bill.

BLACK ENTERPRISES I met with Barbara Weltman, a tax expert and spokesperson for one in all the businesses hottest tax guides in United States, . Weltman shared the next tips to help you get through tax season.

Contribute to an IRA when you qualify to construct retirement savings and reduce taxes.

The deductible contribution reduces your adjusted gross income, which increases your eligibility for other deductions and tax credits. Payment should be made by April 18, even when you receive an extension to file your 2024 return.

Check your tax relief for contributions.

If you received this government subsidy for medical health insurance purchased through the Marketplace, make sure that the credit amount is correct. You may be eligible for extra credit or owe money to the federal government. You may also qualify for a loan now, even when you didn’t qualify for it once you purchased your insurance. Complete Form 8962 with a purpose to determine the proper loan amount.

Determine which parent will receive child tax credits.

When parents separate, the custodial parent is frequently entitled to exemptions and other tax relief regarding the kid. If this parent wants the opposite parent to have these breaks (e.g., the divorce decree requires it; it saves the family money), you should definitely sign Form 8332.