Last Minute Tax Tips

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I just finished doing my taxes! A great feeling, especially now that I am expecting to get a refund. However a large number of folks are still to file, with the IRS reporting that with only a couple of months to go before taxes are due only 30% of expected returns have been filed. Having completed my taxes, here are my top tips to make sure you get the most from your return:

  • Set aside 3-4 hours one afternoon to do your taxes online and sort through the associated paperwork. The tax software will guide you through the steps, but there are a lot of “learn more” parts thanks to new tax legislation over the last few years.
  • Know your 2008 stimulus rebate check amount. You’ll need if for the return. If you qualify for the 2009 home buyer credit or are claiming the new car deduction, make sure you have the relevant paperwork handy and read the rules. The $400/$800 making work pay tax cut will be paid via your payroll and not your tax return. The $250 SSI payment will be made from the SSA via a separate check.
  • If you find you are owe taxes, consider increasing your 401K/IRA contribution (see 2010 limits). You have till April 15 to make contributions that apply to last year
  • If you earn any foreign income, declare it. The IRS is checking for this in particular this year.

Related Tax posts:

Capital Gains and Losses : Tax Facts and Figures
Real Tax deductions that may surprise you
Taxes and my Paycheck
Key Dates and Deadlines to Receive Economic Stimulus Working ($800/$400), Social ($250), Home ($8000), Vehicle Tax Credits and Payments

{ 1 comment… read it below or add one }

Christoff van Niekerk January 29

I was wondering how big a difference there is between Turbotax Premium and Deluxe. I did investing, does deluxe not allow me to enter info there?

Nice article though, I’m kind of excited to start my taxes.


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