Check These EY Tax Tips Before Filing

Due to April 15th landing on a federal holiday this year, the deadline to file Form 1040 filing will be extended to April 18th. Greg Rosica, tax partner at EY, said filers need to remember that they can extend, but not delay. 'You can request a six-month extension of time to file through October 17. This extension, however, does not give you more time to pay any taxes due,' said Rosica. 'If you have not paid at least 90% of the total tax due by April 18, you may also be subject to an Estimated Tax Penalty.' In terms of commonly overlooked deductions, Rosica reminded filers not to forget items that carryover from a prior year, state and local taxes and out-of-pocket expenses related to charitable activities. 'Take out last year's tax return and look at it because you might have some items on there that carryover like a capital loss because you sold some stocks that you didn't have enough gains to offset,' said Rosica. 'Those will carryover to 2015 and you can take advantage of those in the current year as well.'