TIP OF THE WEEK

Tips for the final stretch of the tax season

The April 17 tax filing deadline is quickly approaching. While many are excited about the possibility of a tax refund, nearly 1 in 3 taxpayers waits until April to file their return. Here are some tips to help make the final stretch of the tax season less daunting.

Get organized. Keeping good records is the foundation for everything else because you can’t deduct what you haven’t documented. Take the time to complete a paper chase and find all tax and financial documents and related information needed to file a tax return. Consider starting with your previous year’s tax return, then track all income and receipts, and finally document each. After that, separate business-only bank accounts and credit cards to make it easier to keep good records and file accurate tax returns Don’t overlook credits and deductions. The tax refund is the single largest financial transaction many taxpayers will have in a year. The stakes can be high and mistakes can be costly, especially when it comes to life changes — getting married, having a baby, buying or selling a home, sending a child off to college or retiring. Not understanding how these life changes can impact your return causes many taxpayers to make mistakes and leave money on the table. In fact, the IRS announces annually that approximately $1 billion goes unclaimed in federal tax refunds.

Avoid common filing pitfalls. Selecting the wrong filing status can affect which credits and deductions you are eligible for, the value of your standard deduction and your tax bracket. In addition, common clerical errors such as mixing up names, forgetting to include information reported on your W-2, 1099 or other forms, or even making mathematical errors can also affect your tax benefits. Not filing at all is even worse — as the penalty for not filing a tax return is 10 times greater than the penalty for not paying in full. The best way to avoid this penalty, which could add up to 25 percent to your tax bill, is to file a completed tax return or apply for an extension.

— Brandpoint

THE LIST

According to Forbes, the top 10 highest-paid dead celebrities in 2017 were:

1. Michael Jackson ($75 million)

2. Arnold Palmer ($40 million)

3. Charles Schulz ($38 million)

4. Elvis Presley ($35 million)

5. Bob Marley ($23 million)

6. Tom Petty ($20 million)

7. Prince ($18 million)

8. Dr. Suess ($16 million)

9. John Lennon ($12 million)

10. Albert Einstein ($10 million)

TECH TALK

Mozilla introduces extension to keep Facebook data safe

Mozilla recently announced the launching of a new Firefox browser extension that can help users keep their information on Facebook safe. Called the “Facebook Container,” the extension isolates a user’s Facebook identity from the web. The extension doesn’t prevent Facebook advertisers from using the social network to target users with advertisements while using Facebook, but does prevent the use of any other web activity to send targeted advertising.

NUMBER TO KNOW

$329

Apple recently introduced a $329 iPad model for students that is designed to help students with creating, teaching and learning.

— More Content Now