I just finished doing my taxes! A great feeling, especially now that I am expecting to get a refund. 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 what deductions and credits you are entitled to under the new tax reforms. You’ll need if for the return.
- Whether you use tax software or an accountant, you are still responsible for ensuring the accuracy and legality of your tax return. So read and double check all the numbers before e-filing your return. Consider these quality tax software packages for filing your return.
- If you find you are owe taxes, consider increasing your 401K/IRA contribution (see limits). You have till the tax filing deadline in mid-April to make contributions that apply to last year
- If you earn any foreign income, declare it. The IRS is checking for this now and there are heavy fines in place for not reporting foreign income or accounts
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