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CONTACT 13: Last minute tax tips

Posted at 10:21 PM, Apr 12, 2016
and last updated 2016-04-13 01:21:40-04

A certified public accountant has some last minute tips for taxpayers.

"A lot of new laws this year that people are not aware of or may not be aware that they're changed," Bob Hockensmith said.

Missing even one deduction can cost you thousands.

The biggest change that we see this year from a federal level is the health care or Affordable Care Act penalty. For some, the penalty for not having health insurance jumps from 1 percent of your total household income in 2014 to 2 percent in 2015.

Another change affects anyone with a home-based business.

"It used to be if you claimed home-based office -- you got a flag on your tax return and the IRS would look at you a little bit stronger," Hockensmith said.

Now, you can multiply the square footage of the office by $5 for a deduction of up to $1,500.

Hockensmith said solar energy credits have been extended through 2018. Taxpayers can get a tax credit of up to 30 percent of the cost of buying and installing solar panels.