CINCINNATI — We’re less than a week away from the April 18 tax deadline. But tax experts said it’s not too late to get everything in on time. 

If you haven’t already filed your taxes yet, Personal Financial Specialist, Bill Hesch of the William E. Hesch Law Firm, said there are plenty of tax deductions that you can take advantage of still. One of them is setting up a health savings account, or an HSA, by the tax deadline. 

“You basically have the documentation that you have medical expenses from the time you set it up to the time you take it out — you pay no tax,” said Hesch. “So, that’s really important for clients to look at whether they qualify or not for an HSA.”

And this year, there’s even an added benefit for business owners.

“They changed the law for 2022 that 100% of meal expenses are tax deductible because of COVID,” he said. “So, you need to take that into consideration when you’re doing your tax return.”

Charitable donations are yet another way for you to maximize the most money on your return. However, Hesch warns that you have to have all of your receipts from those donations prior to filing your taxes this year.

“If you don’t have the receipt, extend the return and get the receipt and then file the return for this year,” he said.

But Hesch said the most important piece of advice this year is to make sure to file on time. Even if you owe back taxes, he said it’s better to have it in by deadline than to be late. 

“If you don’t file the tax return then you’ll be subject to penalties that are much more significant. Five percent per month instead of one half of a percent a month, so it’s really important,” he said.

To make sure you’re on track for the next year, he said it’s important to begin your planning early.

“Now is the time for you to meet with your CPA, your financial advisor to work on your personal budget so you can get things in order if you owe money to the IRS,” he said. “You have to really work that budget.”