Accountant Offers Tips For Tax Day

PHILADELPHIA (CBS) — There are just a few more days until tax day.

Jennifer Romberger an accountant with Long Financial Group says your taxes are due this year on April 18th, and that’s not a date you want to ignore.

“You’re going to save yourself a lot of heartache if you just do your taxes — and honestly, there’s a good chance you’re leaving money on the table!”

Even if you file an extension, if you owe money to the government, you don’t get an extension on your payment.

“You’ll be subject to penalties and interest.”

She says a good way to increase your refund is to claim all possible deductions.

“What is it that you spend money on in order to make the money for your business. Do you travel? Do you have mileage on your car? When you go out, are you talking about business?”

But not everything can be claimed.

“I’ve had clients ask me if they can deduct their pet and I’ve had to tell them sorry, you cannot deduct your pet.”

As for folks who who live in one state but work in another, “You have really got to pay attention to your pay stub and see what state withholding taxes your employer is pulling; because if you see something going to New York or Delaware or another state, number one, it could be an error, and number two, you need to know that you could have state filing requirements then in that year that you’ve earned that money.”

So what has Romberger learned from seeing other people’s financial information? She says there’s a common thread to people who tend to do well financially:

“It’s discipline. It’s working together as a team if you’re married. It’s teaching your kids young to be smart about money.”

 

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