If you haven’t filed your tax return by now, you should probably consider filing for an extension. It is a lot easier to file for an extension than it is to amend a return later for a mistake you made trying to rush your return to completion. Even more costly are underpayment penalties and interest if the IRS finds a mistake.

If you have investments that you sell, you must determine the gain or loss of that sale on your tax return each year. With the market being down for the last several years, many investors have reported losses on their tax returns. In many cases the losses are significant.

If you own individual stocks or have investments in mutual funds that invest internationally, you may be paying foreign taxes on the dividends and capital gains generated. If so, then you are due a credit for those foreign taxes on your federal tax return.

Many times a divorcee decree will grant the noncustodial parent the right to claim as dependents minor children in alternating years. For example, the custodial parent can claim the child(ren) in years ending with even numbers, and the noncustodial parent can take them as dependents in years ending with odd numbers.

Everyone knows a child when they see one. Right? Not so fast.... Let's look at how the IRS has recently clarified the definition of a Qualifying Child?

Don't be late - You'll pay...File for an extension if neededIt is never a good idea to file a tax return late. The IRS, State of Ohio, and virtually every municipality will assess penalties on returns filed past the due date. If you simply run out of time, or don’t yet have all the needed information, it is perfectly fine to file for an extension.