Tax Day is April 17

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Tax Day is April 17

With tax day quickly approaching, it has been a hectic time for local tax preparers.

While our taxes are due on Tuesday, many CT and NY residents are sweating the tax day deadline, along with the thought of an audit. "You should file your tax return on time each year, even if you're not able to pay all the taxes you owe by the due date".

You can do that by filling out the IRS 4868 form.

You can submit the form electronically through the IRS website before midnight on April 17.

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Be careful with Roth conversions: If your tax bracket is dropping, this year could be an excellent time to convert your traditional IRA into a Roth, according to Ed Slott, CPA and IRA expert.

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Falsely padding deductions: As always, the IRS will be reviewing returns to watch for those taxpayers that are padding deductions in order to pay less tax. Nearly all rejected extensions are the result of submitting incorrect information, such as a name or Social Security number that does not match IRS records.

"Unemployment is taxable, and if they're married, their spouse may have taxable income as well, so they do not need to just ignore filing", Cauble said. The IRS will acknowledge receipt of the extension request if you file by computer.

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Of course, you won't be paid a refund if you don't file. The IRS offers the Offshore Voluntary Disclosure Program to enable taxpayers who have previously hid money and income offshore to voluntarily disclose this fact and catch up on their filing and tax obligations.

That doesn't mean you can put it off for months.

But most importantly, filing early helps cut down on the risk for identity theft by essentially beating the criminals to the punch. The result? Itemizing might not be so rewarding next time you file. You can do much smarter things with that money, like putting it into a retirement plan or a college savings fund or maybe paying down outstanding debt or replenishing your emergency reserve fund.

The current tax season is also a good time to check the withholding allowance you've designated on your W-4.

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