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Last Minute Tax Tips from my Accountant

If you’re anything like me, right about now you’re feeling the tax burn. With the filing deadline a month away, I spent the last week itemizing my receipts, organizing my 1099’s and getting everything in top shape for my accountant. I used to think accounts we’re for fancy people or folks like my dad that owns their own business; until I realized that by doing my own taxes I was losing out on some of the benefits I deserved and that loss far outweighed the cost of hiring a professional.

The trick is finding someone a friend or coworker recommends, preferably with top level firm experience or skills, who now works for him or herself at an affordable rate. Or so that has been my experience, thanks to my friend Melissa who referred me to my accountant Minas Amazilatis.

As I watched Minas go through my very intricate filing system of earnings and expenses to save me my bank account from governmental demise, I asked him for a few tips and recommendations for all of you!

Here are a few last minute reminders and pointers from Minas!

1.     For this year due to the fact that April 15th is a Sunday and the 16th is a holiday in the District of Columbia taxes are due the 17th of April.

2.     In order to save in your taxes check with your tax professional if you are eligible for a last minute IRA contribution

3.     If you are planning on filing an extension make sure that you calculate as close as possible your tax liability and pay with your extension to file in order to avoid paying late fees and if possible make the IRA contribution… Remember that the extension is to file and not pay your taxes.

If you’re not sure if you need an accountant, the best way to check is to bring your taxes from the previous year and have a consultation (that should be free of charge). Your possible soon-to-be accountant should be able to look at what you filed and let you know if you missed any major deductions or if you we’re spot on. If you’re in the NYC area and looking for a good accountant, Minas’ information is below. Happy filing!

Minas K. Amaxilatis & Co.
641 Lexington Avenue, 14th Floor
New York, NY 10022

Email: [email protected]