10 Quick Tax Tips | Ways to Save

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10 Quick Tax Tips | Ways to Save

10 Quick Tax Tips Ways to Save

Can you believe that March is already here? Not everyone has filed for taxes yet and there’s still time. If you plan on filing a tax return, make sure you check out these 10 Quick Tax Tips | Ways to Save perfect for March.

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Don’t miss the deadline

It is March already and tax day is just about 1.5 months away. If you’re a procrastinator that date can approach fairly quickly. Don’t forget to put that reminder on your calendar or fridge to ensure you don’t miss the important tax deadline. You will get charged and we don’t want to pay Uncle Sam any more than we have too!

Don’t forget your electronic pin

One of the biggest things holding up taxes this year is electronic pins. Make sure you have your electronic pin on hand before you try and file electronically. You can get this electronic pin by calling the IRS or trying to find it through the IRS website. You will need your adjusted gross income to retrieve this number.

Insurance requirements

Keep in mind that while filing your taxes this year, you will be required to answer whether or not you have health insurance. If you do not health insurance a penalty could be put into place. If you have any questions about this portion of your tax return, you will want to consult your tax expert.

Make an IRA Contribution

This is a great last minute way to save on your taxes. Best of all, you can contribute to an IRA all the way until tax filing day, typically April 15. Most other tax-saving strategies must be in place by December 31. Plus, your saving for your retirement! It’s a win-win!!

Stay Organized

Although keeping your taxes organized won’t cut down on your gross income, it will ensure you that your getting all your deductions. Here are some awesome tax organizers and planners to help you with this task.

Always Check for Deductions

There are a lot of deductions that are legit but get overlooked. For help looking into deductions that you would qualify for, you can find that information at IRS.gov. Here are a few examples:

  • Unreimbursed employee expenses.
  • Expenses related to searching for a new job in the same profession.
  • Certain work clothes and uniforms.
  • Tools needed for your job.
  • Union dues.
  • Work-related travel and transportation

Qualifying Taxpayers Can Get Free Tax Return Preparation

Volunteer Income Tax Assistance (VITA) program offers free tax help to people who generally make $53,000 or less, persons with disabilities, the elderly and limited English speaking taxpayers who need assistance in preparing their own tax returns. Find a VITA provider near you.

Deductibles have changed

Make sure you research all deductibles headed your way in 2015. Check out these 10 surprising tax deductions that have changed for 2015. Trust me, there are some weird ones in there. Remember to be honest! Yes, this sounds crazy if your an honest person but there are a lot of individuals that lie on their returns to maximize their refund. It is simply not worth it and you will get caught! Charitable deductions is a big red flag to the IRS. If you make donations ALWAYS save your receipts and ask for one if the organization doesn’t offer it.

Do Your Own Tax Refund

If you feel comfortable there are many programs that will walk you through filing your taxes. TurboTax is popular along with H&R Block. This is the most affordable way to file your taxes. If you are hiring a tax preparer, I would shop around for the best price. My experience is going to a small business tax office you will pay LESS than going to a corporation. Also, be patient if your getting a return. Places like H&R Block will give you the option to get your money within a day or two, but remember your paying a nice amount to have access to your return that soon. Direct deposit is the way to go!

Check on Your Refund

Last but not least, after you have filed for your tax return, there are ways you can check on its progress. There’s a website called Where’s My Refund? You type in your information and the IRS will let you know the status of your refund. Just keep in mind that the IRS only updates it once every 24 hours, so keep that in mind as you check on it.

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10 Quick Tax Tips Ways to Save

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Comments

  1. Great tips — I had no idea about the electronic pin… I really dislike tax season. No idea why because we have a CPA prepare our returns. Still, I have to collect all the documentation. Thanks for these tips. They are really helpful. Great to see you on Inspire Me Mondays Link-Up!
    Bridget/The Recipe Wench recently posted..Breakfast SandwichMy Profile

  2. Taxes always stress me out. I have always done our taxes until this year, because my hubby started his own business and I am afraid there is too much to keep track of. I think the tips are great! Thanks and hope you get a refund! 🙂
    Elizabeth recently posted..10 Reasons to Choose Optimism TodayMy Profile

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