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Taxes 101: Last-minute filing, payment options

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    What you need to know as deadline approaches

  • Duration 3:14
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Listen up all you procrastinators.

Have you filed your taxes yet.

If not you have only three days left to do so and we have all you need to know as the deadline approaches including the last minute deductions.

That you may not even know about joining us is consumer savings expert.

Andrea wore off Andrea thanks so much for coming away because there's lots of people -- and other taxes yet and we're definitely great tips for -- -- If you have not filed what do you need to do today.

First of all you must buy -- even if you can't pay that outstanding tax that.

The IRS -- -- clear distinction between those people who failed to file and the people who fail to pay and you will -- -- -- if you don't file by Tuesday April 17 now this year we do have a today.

Extension -- that should help you out a little bet you can go online and you can.

And if you have a complicated tax return and you have a lot of people worker you're in a different financial position.

File an extension -- you don't miss out on any deductions which -- going to be really important to -- OK speaking of deductions.

Let's talk about those hidden.

Last minute deductions of people may have overlooked OK so first involved.

If you can't pay there are payment options at pirates wall and give to -- they'll give you an installment agreements or in an interview with six month grace period but you wanna do that by April 17 just enough and then other.

Big deductions that -- may miss out on.

Gambling losses.

Just like you have to do I announce and -- but you have to announce gambling -- Manhattan you can write off those losses but it has to be a legal gambling -- horse racing is not any winnings at -- or losses during March Madness we don't talk and I deduct the dollar sorry five dollars I've put in.

For the Mega Millions hey you name you may be able to go on -- -- I don't website and -- list of over 500 different deductions that you might miss out both fascinated that you also -- -- exchange students if you house an exchange student how much can you give you and you can write -- up to fifty dollars a month for each month that there are living with you that your hosting these exchange exchange students now let's be through a qualified organization and it can't be a relative.

-- however.

-- -- this -- was living with you for up to fifteen consecutive days that qualifies for one interesting -- home office that's always confusing to -- you you -- office like we do here at fox can you also deduct your home office where you have a computer you know it depends if it's exclusively.

Used for your whole business yes not most likely for a freelance -- say your web designer and you have a home office.

And it takes up approximately 10% of your home.

Then you have -- opportunity.

To deduct 10% of your mortgages which are at your mortgage interest rate your insurance your home utilities called me and -- don't want to miss out on it.

How -- if it doubles as directory syndrome or anything -- the IRS will not allow you to deduct that so it's a very tricky and fine line between identifying a home office writings not your -- I hope this -- -- have not yet done my taxes I hope to be able to use of thanks for all the great information.

Andrea -- -- we really appreciate you think.

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