Last Minute Filing Tips, Tax-Free Student Loan Payment Help? 27 Ways to Lower Your Taxes

Four Tips for Last-Minute Filers | Pros and Cons of a Tax Extension | Deductions and Credits to Know Now (and Later) Created for {EMAIL} | [Web Version]( April 14, 2024 CONNECT WITH KIPLINGER  [LinkedIn]( [Facebook]( [X]( [Youtube]( [Youtube]( [Tax Tips]( [SIGN UP]( ⋅ [WEBSITE]( [] Tax Day is Here [] [Four Tips for Last-Minute Filers]( [Four Tips for Last-Minute Filers]( (Getty Images) *Editor's note: Before we get into today's issue of the Tax Tips, we need your help. We want to better understand our readers so we can provide the kind of stories you want on the financial topics that matter most to you. You're invited to take a [2-minute survey]( to tell us your interests. Your replies are entirely confidential, they will not be shared with any third party, and none of the answers are personally identifiable. [Click here to start, thanks](! Tax Day is fast approaching, and it is important to file your federal income tax return by Monday to avoid penalties from the IRS. Unless you have an extension, the deadline for filing taxes is April 15, 2024, which is also the deadline for [several other important tax-related tasks](. However, if you are filing your taxes at the last minute, [here are a few tips to help ensure you don't miss potential savings](. [] Deadlines [] [Pros and Cons of a Tax Extension]( [Pros and Cons of a Tax Extension]( (Getty Images) If you are unable to file your federal tax return by the due date for most taxpayers of April 15, you have the option to request an extension from the IRS to file your taxes by October 15. However, you might be uncertain about whether or not to request an extension, since there are potential advantages and disadvantages involved. To make an informed decision, it may be helpful to weigh [some pros and cons](. [Vanguard vs. Fidelity vs. Schwab]( Who are you partnered with? See how these popular brokerage firms stack up when it comes to fees, resources, and specific services, so you can decide on the right fit for you. [Learn More]( ADVERTISEMENT [] Tax Breaks [] [Deductions and Credits to Know Now (and Later)]( [Deductions and Credits to Know Now (and Later)]( (Getty Images) While tax season can be stressful, tax credits and deductions can help reduce your taxable income and ease the frustration of owing too much to the IRS. If you haven’t filed your taxes, you can take advantage of these tax breaks (if you are eligible) to lower your tax liability. If you have already filed, [this information can help you plan to maximize your tax savings for the 2024 tax year]( (returns filed in early 2025). Featured Content Sponsored Content from The Kiplinger Tax Letter [Stop Overpaying on Your Taxes.]( Get a [FREE ISSUE]( of The Kiplinger Tax Letter and never pay one cent more than necessary on your taxes, for yourself, your business, or your clients. Then save up to 58% off the cover price to subscribe, and get exclusive special issues such as New Tax Rules This Year, Year-End Tax Planning, or other topics. [CLICK HERE]( [] Student Loans [] [A Little Known Tax-Free Way to Help Pay Your Student Loan]( If you are one of the over 43 million people with federal student loan debt, you have probably resumed making student loan payments with interest after a multiyear pause. The U.S. Department of Education provides programs, such as new income-driven repayment options like the SAVE repayment plan, that can help reduce payment amounts. However, did you know that the IRS is reminding borrowers (and employers) of a lesser-known, tax-free method to receive assistance with student loan repayment? [Read More]( [5 Things You Want From Your Retirement Income Plan]( Here's what Go2Income plan holders say about their retirement income objectives: 1. Don't Run Out of Money 2. Grow Income Each Year 3. Leave a Legacy for Kids 4. Build a Reserve Fund for Unplanned Expenses 5. Increase Spendable Income by Reducing Taxes We can help you balance your objectives with a complimentary Go2Income plan. [Order Your Plan]( ADVERTISEMENT [] In Case You Missed It [] [What’s Happening With the New Child Tax Credit?]( In January, the U.S. House of Representatives passed $78 billion tax legislation that includes a new expanded child tax credit (CTC) and various tax breaks for businesses. However, the bipartisan tax package has been stalled in the U.S. Senate. This situation has led to concerns about whether the new child tax credit will become law before the end of the 2024 filing season, or at all, and what that could mean for families and their taxes. [Read More]( [Strategies to Minimize Your Tax Burden]( Making your savings last and keeping your taxes low takes planning and attention. Our advisors can help you save time and earn more. 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