This Friday is April 15th, but federal income taxes are not due until next Monday. Greg Rosica is a contributor to the 26th annual Ernst & Young Tax Guide.
"April 15th is a Friday and traditionally is the deadline. However, it's also Emancipation Day in D.C. As a result of that, the actual due date now is Monday, April 18th, so the whole opportunity for people to put it off even longer — although really, now is the time to be getting these things done. You don't want to wait. You really want to get control of this and do it with a little bit of time ahead of you."
Some tax legislation didn't pass until late December, which delayed some forms for this year's tax season.
"And so as a result of that, a lot of the forms to be updated and created weren't able to get done, or had to get redone. Really, at this point, none of that is impacting anything anymore. There was — you know, if you itemized your deductions, you had to wait until February 14th before the IRS was able to start processing those just due to some computer reprogramming. But again, all that's, you know, behind us at this point."
Rosica says tax time is a time for reflection, and software can help you through the process.
"Life changes mean tax changes, and so if you had children, you were married, you retired, you changed jobs — all those things have different tax ramifications to it, and they're going to impact your tax situation. So it's important to understand and communicate those — to whomever's helping you — those items, so that they can think through and you can think through what kind of tax breaks you are entitled to."
The Ernst & Young website has information about new deductions.