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Stop tax procrastinating! TurboTax, H&R Block, and top tax pros give last-minute tax tips

Yahoo Finance Video

Still haven't filed your taxes? Your next few days could be busy.

Yahoo Finance is here to help. We've assembled a team of premiere tax experts to help you file before the tax deadline.

Keep reading for all the information a last-minute tax filer could ever need.

Need more time? File an extension
Getting an extension to file is pretty easy. You just have to submit IRS Form 4868 either electronically or by paper. It does not mean you get more time to pay. You still have to estimate your tax liability and pay that amount by April 18. For more on filing an extension, click here.

Deductions for new homeowners
Buying your first home can be very expensive. There are some tax benefits to owning a home, though. Dan Geltrude, Geltrude & Company Founder, told Yahoo Finance that what Americans really want to know is if they're going to have "enough deductions" between real estate taxes and mortgage interest. "The standard deduction is pretty high right now," he says. "So, if you're going to exceed that because you're a homeowner...you're going to get some tax benefit."From mortgage rates to property taxes, click here for all the deductions you can get as a new homeowner.

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How to tackle crypto losses
During a volatile year for crypto investors, it's important to understand the rules surrounding tackling losses on your tax return. “Crypto is just like a stock investment if you are holding onto it as an investment,” Lisa Greene-Lewis, TurboTax CPA and tax expert told Yahoo Finance Live. “The way you use crypto is how it's taxed.” Did you know that you can deduct up to $3,000 of your capital losses against your ordinary income? This means that if you experienced a net capital loss during the year, you could use up to $3,000 to offset your ordinary income, such as your salary and wages. Click here for more tips on crypto and taxes.

Preparing for next year
Finally, skip all the mistakes you made this year and get ahead of the 2023 tax season. The first step? Don't wait until the last minute. "It's astounding to hear how many people wait until the last minute to file," Kathy Pickering, H&R Block Chief Tax Officer told Yahoo Finance Live. "When preparing for next year, start by making a checklist and checking your paycheck is up to date with holdings." Here is everything you need to know about getting a head start on 2023. Tax experts from around the country joined Yahoo Finance Live to provide tax advice on purchasing a home, cryptocurrency, the Child Tax Credit, filing a tax extension, and more.

Watch more from our guests on Yahoo Finance Live, and follow us on YouTube.
Mark Steber - Jackson Hewitt Chief Tax Officer
Lisa Greene-Lewis - Turbotax Tax Expert and CPA
Dan Geltrude - Geltrude & Company Founder
Jeffrey Levine - Buckingham Strategic Wealth Chief Planning Officer
Robert Powell - Retirement Daily and Finstream.tv Co-Founder
Kathy Pickering - H&R Block Chief Tax Officer

Taxes are complicated, Yahoo Finance has you covered. Check out all of our tax coverage here.

Video transcript

[MUSIC PLAYING]

MARK STEBER: The single biggest life change that drives the most tax changes is purchasing a home. Once you're a homeowner, there is no question. It's unequivocally clear. You are no longer a simple tax return. You do need to know the basis of your home so you can calculate the accurate gain so you can determine whether or not that it is a taxable gain or exempt gain.

LISA GREENE-LEWIS: Crypto is just like a stock investment if you are holding on to it as an investment. The way you use crypto is how it's taxed. When you're paid in crypto, that's gonna show up on your 1099 form if you're paid as a contractor, or your W-2.

DAN GELTRUDE: There aren't a lot of changes going on right now with the tax code. Good news, the standard deductions are larger this year. The child tax credit, little bit smaller this year. Also, the expansion of the child and dependent care credit, expiring. So that's not good news.

JEFFREY LEVINE: Credits are dollar-for-dollar reductions in your tax liability. So if you lose out on a credit in one year versus the last, it can have a much more impactful change on your ultimate tax liability.

ROBERT POWELL: If you have a very complicated return, then you probably could be raising a red flag. But I think for most average people who are filing, they have nothing to worry about.

KATHY PICKERING: Getting ready for 2024 make sure that you're having the right amount of taxes withheld from your paycheck to avoid that end-of-year sticker shock.

[MUSIC PLAYING]