Tax Deadline Filing Tips

“With tonight’s midnight deadline to file 2018 tax returns, millions of Americans – including the small business community – can benefit from the new tax code system that includes both a lower individual rate and increased standard deduction,” said Keith Hall, President and CEO of NASE.

Taxpayers have until midnight on Monday, April 15th to file their 2018 tax returns.  If more time is needed, NASE is encouraging business owners and entrepreneurs to file an extension if they are unable to meet the deadline.

“If you still need more time, file a last-minute extension,” warned Hall.

Many updates to this year’s new tax code are in full effect for the first time and Hall recently pointed out in a guest commentary for FoxBusiness.com that, “most Americans – including the small business community – are understandable apprehensive about how the revised tax code will impact their returns this year.”

However, Hall continues in the op-ed to point out that, “Despite this anxiety, the overwhelming majority of small businesses and self-employed entrepreneurs can expect to benefit from key changes and updates to the tax code that will help save both time and money.”

Hall offers this last-minute advice to those small business owners and entrepreneurs who have yet to file their returns, “As you prepare to file your returns, think about hidden deductions and updates to the tax code that might help you. Don’t leave anything on the table; find and use these key policy changes to work for you such as an update to the mileage reimbursement and a standard deduction available for home offices.”