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5 Tax Tips EVERYONE Can Use To Make This Tax Season Easier.
Tax forms, w2’s, w9’s and interest reports are starting to roll in now and no matter how you look at it we can’t get around having to deal with taxes…. for some it is a great time of year and look forward to getting that refund check, others it is dreaded. With some of these tax tips… you can face tax season with a little more ease.
1 – Have a tax gathering station. We have set up a basket for all forms that will be coming through the mail for everyone in the family. With as many people we have in the household we can not have anything misplaced. January 1st through February 1st is when you really need to have your eye open and have a proper holding space for all your incoming documents so they will be really right when you need them.
2 – Check to see if you qualify for the earned income tax credit. The earned income tax credit, applies to low- and moderate-income taxpayers and can offer a credit as high as $6,000. If you became a new parent or a parent again, you may qualify….other factors like income, schooling and so on can allow you to qualify. They great thing about it is…. if you haven’t qualified in the past… this years circumstances may have changed your credit.
3 – Brush up on this years tax changes…. whether you are hiring a CPA or doing your taxes yourself… it is best to do at least a little bit of research on your own. Tax laws can be confusing but at least having an idea of what has changed and the questions you need to ask will be helpful.
4- Scan in all your important documents to a tax file. With all the little forms, receipts and documents, it is so easy to lose and misplace an important piece of information that you are UNABLE to replace. If you can get it all safe and sound in one easy spot, then you have one less worry on your plate.
5- Use a FREE Federal file tax service, like E-File.com. Most people will qualify to receive free federal tax preparation software E-File. Who can use a 1040ez to file their federal income taxes?
- Taxable income of under $100,000.
- A filing status of single or married filing jointly and not claiming dependent deductions.
- Taxpayer (or if filing a joint return, taxpayer and spouse) under the age of 65.
- Income earned through wages, salary, unemployment, fellowship grant, scholarship (taxable) and/or tips (tips need to be included in boxes 5 and 7 of your Form W-2).
Last year I spent $150 on tax preparation services and with other options like E-File.com… there is just no reason to continue to throw away my hard earned money. If you need to file a state return too? You can also file your state income tax return using the E-file.com software. While there is a small fee for this, there are often promotions which provide discounts to new customers. For example right now you can save an additional $6 on a state filing by entering the coupon code “6OFFSTATE” at checkout.
