December 31 is the 2018 Tax Break Deadline!
Before you prepare and efile your 2018 federal Tax Return on efile.com, you may want to ask yourself this question:
"How can I save money on my taxes?"
There are three ways you can save money on your taxes:
- Spend less money on everyday purchases throughout the year. Use our simple day-to-day money saving tips for frugal living and maximize your monthly budgets!
- Update your paycheck withholding on your federal Form W-4 and receive your tax refund money now or owe less tax when you file your next tax return. Use the free efile.com Tax Withholding Assessment Tool to find out how much tax to withhold and reach your tax goals!
- Claim tax breaks you qualify for on your tax return by December 31.
How To Qualify For 2018 Tax Breaks By December 31
Though you cannot file or efile your 2018 Tax Return until January 2019, it is important to consider which tax credits and tax deductions you can claim on your 2018 Tax Return before 2018 ends. For example, if you have a child born on January 1, 2019, you cannot claim the Child Tax Credit for your 2018 Tax Return; you would have to wait until the beginning of 2020 to claim the credit on your 2019 Tax Return.
Here's something else to consider: the values for each tax credit or tax deduction often vary by Tax Year. Once the value of a credit or deduction for a Tax Year expires (let's say 2015), you can only claim that value on a 2015 Tax Return; you cannot claim 2015 values on a 2018 Tax Return.
This is why we strongly recommend tax return planning throughout the year in order to take advantage of as many tax credits and deductions you qualify for by the end of the year.
Avoid Surprises by using the FREE efile.com Tax Calculator and Tax Refund Estimator!
Free Tax Refund Estimator
2018 Tax Credits and Deductions
Review all the tax credits and tax deductions you may qualify to claim on your 2018 Tax Return.
There are tax breaks that are officially expired. This means that under current law, none of these credits and deductions are available to claim on 2018 Tax Returns. Our expired tax laws page provides details on these tax breaks.
We will update our site with the latest information on tax breaks as soon as any official announcements are made. Stay up to date on the latest tax law changes with efile.com!
More Tax Planning and Help