Last Minute Tax Tips

As we are getting close to the initial deadline of April 15th, we are sending this note to you about items that may be overlooked when preparing your taxes.


1. Retirement Account Funding. If you qualify, make sure your contributions are funded by April 15th. If you have children with earned income you might consider funding a Roth IRA on their behalf.

2. Tax Credits. Make sure that you are claiming all the credits available to you including the Child Tax Credit, the American Opportunity Credit, etc.

3. 529 Contributions. Some states provide a deduction for contributions made to their state-run 529 plans. An example of this is New York and Pennsylvania. Make sure you claim this deduction on your state returns, if available.

4. Long-term Care Insurance Premiums. Some states provide a credit for long-term care insurance premiums paid. New York is an example of this. New York State provides a 20% tax credit for long-term care insurance premiums paid during the tax year. Make sure you include this credit if this is available in your state.

5. Reverse a Roth Conversion. You have until the time you file your taxes (plus extension) to undo a Roth conversion from last year, if you so choose.

6. Investment Advisory Fees. These fees are an itemized deduction on Schedule A of your return.

7. Tax Documents. This would include 1099s from your custodian (taxable accounts only), K1's from hedge funds, mortgage interest statements (from your bank) and W-2's (from your employer payroll provider). Make sure you have them all.


These are just some of the items that are overlooked when it gets to crunch time with taxes.

Don Hertling is the Vice President of Financial Planning for Heller Wealth Advisors. If you would like to discuss these last minute tax items, please contact Don at This email address is being protected from spambots. You need JavaScript enabled to view it. .

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