Wednesday, November 30, 2016
Get The Help You Need With Your Tax Return
Getting ready to prepare your tax return? We’ve gone back to basics to help you file on time for 2017. Put together everything you need for your return. And get extra assistance if you’re struggling with a looming tax deadline.
Save the date
It’s an obvious one, but many people don’t know the date they have to file their tax return, or more importantly, prepare for it. So it’s a good idea to look at Income Tax Deadlines for 2017.
Know your tax credits
The government offers credits and deductions for individual and business taxpayers. Such as the Earned Income Tax Credit and the Child and Dependent Care Credit which helps millions of families each year. There are also credits for small and large businesses that you should know about.
Common deductions include home mortgage interest, state and local tax, and charitable contributions. So, before you file, make sure you know your tax credits.
Get organized, early
Make sure you know which tax bracket your income puts you in. This makes it much easier to ask for larger deductions. Also, it’s important to keep up with any income you take on the side, noting down any resources which can be deducted. If the IRS audits you randomly, your deductions will hold more weight if they’re written down.
File online for free
As Time confirms, “According to the Internal Revenue Service, 70% of taxpayers are eligible for the IRS’s Free File program, which gives you free access to brand-name tax preparation software as long as your income is $62,000 or less.” More than two-thirds of Americans can use online tax-prep software for free.
That includes enlisted military members – and their families – who can access free income tax filing help through the Volunteer Income Tax Assistance program.
If you earn $54,000 or less, have a disability, are elderly, or have limited English-speaking, you’re entitled to free help from IRS-certified volunteers via the VITA program.
Also, all taxpayers over the age of 60 can get free tax help through the IRS’s Tax Counseling for the Elderly program. It specializes in pension and retirement-related issues. Find out if you’re entitled to free help with your tax return.
Hire some help
If the answer is ‘no,’ and things get out of control, it could be time to hire a tax professional who can look after your books and help with unfiled tax returns.
Remember, these professionals earn their keep by assisting you. If you’re not careful, they won’t care about your issues either. Here a guide to help you find the right tax pro.
Stay in the know
Every year, there are new tax deductions you can take advantage of. So, don’t doddle and keep up to date with tax news, such as the IRS Announcement of 2017 Tax Rates, Standard Deductions, Exemption Amounts.
Whether you’re dealing with your personal or business return, tax is, well, taxing. Follow the tips above to stay ahead, and you’ll discover that tax returns become a little less painful every year.