Tax Tips for Teachers in 2018

To our teachers and school administrators, we appreciate everything you do to curate an awesome and enticing curriculum for the next generation. Now it’s our turn to educate you on one matter…taxes. One thing is clear, it’s never too early to start planning for the upcoming tax season! Check out the following tips to help you as an educator stay on top of your taxes and get the biggest breaks and tax deductions ever!

Take Control of Your Tax Extension

It’s important to file your taxes on time, but sometimes there isn’t enough time to get your financial records in order. In this case, the IRS allows for a six-month extension period to file your taxes, given that you complete and submit Form 4868 (for individuals) or Form 7004 (for businesses) before the April 15 deadline of each year. There’s no penalty for acquiring a tax extension! However, proving to be lackadaisical will do more harm than good. Here’s what you need to know about tax extensions, and why it’s important if you haven’t already to file your taxes before October hits.

What to do After Filing for a Tax Extension

Not everyone is ready for tax season, some years can be rougher than others. That’s why tax extensions exist, and they are a great move by you if done right. It’s easy to extend your filing period, simply send in a completed Form 4868 – Application for Automatic Extension of Time to File.

This year if you filed an extension prior to April 18, 2017, you now have until October 16, 2017.  The deadline may still seem far off, but time flies by fast and sooner than later that deadline will come up. If you haven’t gotten started on your tax returns yet, here’s a few tips to push you to file your tax returns.

Get a 2nd Look Tax Review

2nd Look Tax Review

After tax season, we all ask to ourselves, “Did I get the maximum refund I’m entitled to?” That’s where a 2nd look tax review from Lucia CPA comes in. We can look at your tax returns up to 3 years to see if you deserve more money back. Your money you can use to pay off bills, build savings or buy something nice.

Avoid those Last Minute Tax Scams

avoiding-tax-scams

2017 is flying by, and tax season is nearly coming to a close. Indeed on April 18th, everyone should have provided their tax information with the IRS or have requested an extension on their filing date. However, while this is the time of the year where you get a big fat check (hopefully) from the government, there are lots of people out there who fall for tax scams and become victim to missing returns and more. Don’t fall for these last minute tax scams that can easily be recognized and avoided.

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