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2016 tax deadline is fast approaching - KRISTV.com | Continuous News Coverage | Corpus Christi

2016 tax deadline is fast approaching

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Cropped Photo: Matthew G. Bisanz / CC BY-SA 3.0 Cropped Photo: Matthew G. Bisanz / CC BY-SA 3.0

The deadline to file your taxes is fast approaching, April 18 to be exact, but experts say there are still ways to save time and money.

Today Show Financial Editor Jean Chatzy says you can still take advantage of a big deduction. 

"There are two kinds of IRA's as you know. You've got your Roth IRA and the Traditional IRA. Only the Traditional IRA is tax deductible," Chatzy said.

She says that an IRA contribution of up to $5500, or $6500 if you are over the age of 50, between now and the tax deadline can yield a sizable deduction on your 2016 taxes.

Also, Lisa Greene-Lewis with Turbo Tax says one of the most overlooked deductions is the expense for caring for a family member or friend. 

"They can't make over $4050 in that year and you need to provide over half their support," Lewis said. 

Tax experts also say that if you cannot meet the deadline by April 18, ask for an extension. 

"No need to worry, you can file an extension. But it's just that, an extension to file a piece of paper, not to pay the tax," Bryan Lake with the National Association of Enrolled Agents said.

Penalties will be added to late payments if an extension is filed.

To find an enrolled agent to help filing 2016 taxes, click here. 

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