Six Tax Tips for Your Tax Return Preparation
Six Tax Tips for Your Tax Return Preparation
Your New Year resolutions may have faded, but don’t forget about your financial well-being. Get organized and focused on your taxes for 2017 and plan for 2018 given the recent tax reform. Here are some tips to get ready to file, get the biggest refund you deserve, and protect yourself all at the same time.
- Know What To BringKnowing the things that could get you a credit or deduction. Bring last year’s tax return, this year’s documents and receipts, and notes about all your big life changes. A tax pro will help you navigate these issues and prepare an accurate return. And they may find you some overlooked deductions or credits!
- File EarlyJump start your taxes to reduce stress. Early filers have less risk for having a fraudulent return filed by ID thieves. Start early to give yourself more time to gather necessary information that could increase your maximum refund or minimize your tax due. Early filers get early refunds! So why wait?
- Work Smarter with a Tax ProWere there any life changes last year? Marriage? Add children or parents to your household? Did anyone head to school? Divorce? New business? Full/part-time work? Side jobs? Retirement disbursements? Inheritance? Gifts or charitable contribution? Healthcare? Take an early look at what these milestones will mean for your taxes this year and how they affect you for 2019 after the tax reform. Contact a Tax Pro and schedule your appointment to get started and get that refund!
- Know Key Deadlines and Plan for Refund Turnaround TimesSome laws designed to help prevent fraudulent tax refunds also delay refunds on returns claiming the EITC or ACTC. This should not delay you in preparing and filing your return.
- The IRS Never Calls FirstPhone, Internet and e-mail scams try to take advantage of you! The IRS will never call or email you as a first step; they will always communicate first via USPS mail. A Tax Pro can help you identify fake IRS letters or calls, and help you with preparing and filing IRS identity theft forms.
- Plan Now for Next Year’s Tax Reform ChangesTake care of 2017 taxes early to help you start thinking about optimizing your situation for your 2018 taxes. Withholding, retirement contributions, FSA accounts, and an accurate tax documents system are all considerations for tax planning – along with addressing any new rules from the recent big tax law change for 2018. Plan to have a 2018 mid-year checkup. You and your Tax Pro will know even more about the impact these new tax laws are going to have, and can help you adjust accordingly.
Most importantly, gather your information and get your taxes done ASAP. Three out of four taxpayers get a big refund and you don’t want to miss out, and Tax Pros see people leaving money on the table all the time!It's your money! Keep more of it and get it sooner!Written by: Russell Beyer, Jackson Hewitt Tax Service; 804-217-9177Image courtesy of Sira Anamwong at FreeDigitalPhotos.net