Don’t Forget These Deductions This Tax Season

Don’t overlook potential deductions this tax season like missing items that carry over from a prior year or net gambling losses, said Greg Rosica, Tax Partner at Ernst & Young. Rosica added that the Form 1040 filing deadline is Wednesday, April 15th but tax-payers can request a six-month extension of time to file through October 15th. Nevertheless, Rosica said those that have not paid at least 90% of the total tax due by April 15th, may also be subject to an Estimated Tax Penalty. He also said 2014 saw a number of provisions of the Affordable Care Act go into effect and anyone without coverage is subject to a penalty tax. Finally, Rosica said 2014 also marked the second year of the Net Investment Income Tax which is still something taxpayers are not entirely familiar with and need to know how it impacts their tax liabilities.

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