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If you're unable to complete your return on time, you may request an automatic extension to August 15; Form 4868 has details. An extension gives extra time for filing only, not for paying any balance due. Interest will apply to any tax not paid by the April deadline, plus a late payment penalty if you pay less than 90 percent of the total tax on time. 4. OVERLOOKED DEDUCTIONS Many easily overlooked miscellaneous expenses are deductible as long as they add up to at least 2 percent of your adjusted gross income. Grouping them together can help you meet the 2 percent threshold. Following are some miscellaneous items you may have overlooked. Tax Preparation Costs. You may claim the cost of personal income tax preparation software or books as a miscellaneous deduction. If you hire a professional tax preparer to do your taxes, you may also be able to deduct the fee. Interest from Home Refinancing. If you refinanced a mortgage and still have unamortized points left to deduct from an earlier refinancing, you can claim all the unamortized points from the earlier refinancing as deductible interest. William J. Lynott has Purchases Financed By Loans or Credit Cards. If you made large purchases on your credit card or with a loan, don't forget to deduct any interest costs involved. Be careful when taking advantage of miscellaneous deductions. Document everything. If the IRS decides to question you about any of your deductions, it will want to see all of your pertinent receipts and statements. PROCEED WITH CAUTION AND GUIDANCE Check your math and be sure to get the correct tax amount from the tax table if you use it. The other numbers to be most careful about are identification numbers—usually Social Security numbers—for each person listed on the return. When you mail your return, be sure to get it to your local post office before the last pickup of the day. Some post offices stay open late to accept returns for a deadline-day postmark. You may also use one of the designated private delivery services to meet the filing deadline. The four companies— Airborne Express, DHL Worldwide Express, Federal Express, and United Parcel Service—can provide details on which of their services qualify and how to get proof of timely filing. Keeping your personal income tax to the legal minimum requires a little planning and effort on your part, but the time you spend chipping away at your taxes may be among the most profitable investments you'll make this year. an extensive background in management consulting, marketing, and finance. He's written more than 900 articles appearing in a wide range of consumer magazines, trade publications, and newspapers in 17 countries. Contact him at lynott@verizon.net. Celebrate ABMP's 25th anniversary and you may win a refund on your membership. ABMP.com. 77