Last-Minute Tax Tips from LearnLux Planners

If you haven't filed already, now is the time to get started. We sat down with LearnLux Certified Financial Planner™ professionals to share some pro-tips to help along the way. 

Get organized

Gather your documents like W2’s and investment 1099 forms. If you don’t have a form for an account or from an employer, you should be able to retrieve it online. Make sure you have what you need before getting started. Set aside a block of time where you can focus on your taxes without distractions. It isn’t a fun way to spend part of a day, but you will be happy when it is over. 

Reduce taxable income

Make a contribution to your IRA. You could potentially reduce your taxable income by $6,000 ($7,000 if you’re 50 or older)! Don’t have one? It’s not too late to open one. 

If you have an HSA, consider maxing it out to take advantage of the maximum income tax deduction.

Make a plan for your refund

If you’re anticipating a refund, think about how the extra cash can best help you achieve your financial goals. This may be your opportunity to pay off a credit card or fund your emergency savings. Having a plan increases the likelihood of your dollars going exactly where you want them.

If you owe, you've got options

If you are concerned about not being able to pay your tax bill make sure you file anyway. You will have options and the IRS will work with you to come up with a payment plan.

Need an extension?

There are three ways to request an automatic extension of time to file a U.S. individual income tax return.

1. You can pay all or part of your estimated income tax due and indicate that the payment is for an extension using Direct Pay, the Electronic Federal Tax Payment System, or using a credit or debit card. 
2. You can file Form 4868 electronically by accessing the IRS e-file using your tax software or by using a tax professional who uses e-file.
3. You can file a paper Form 4868 and enclose the payment of your estimate of tax due (optional).

How LearnLux can help

Take the Tax Lessons

If you are a member, head to your LearnLux portal to take a few of our lessons that may be relevant to filing your taxes. Log on to your LearnLux account > Go to the “Learn” tab > and scroll down to the section called “Taxes” and take any of the 9 lessons available. Lessons generally take about 5 minutes to complete and contain useful information to guide you through tax season. You can also read through the lessons on “Saving for Retirement” to learn more about IRA contributions around tax time.   

Speak to an Expert

Have a quick question? Use the chat feature to connect with an expert. Need more guidance? Schedule an appointment with a LearnLux Certified Financial Planner™ professional. These 30-minute appointments are part of your LearnLux benefit service and are offered at no cost to you.