There’s a famous saying in the parenting world about how the days are long but the years are short, and there are some who feel this applies to tax season as well. April 15th is the traditional deadline for filing your personal income taxes in the United States. However, that date changes periodically depending on the day of the week on which the 15th falls. If it’s a holiday or weekend, the following business day is the tax deadline day. Your income tax return must be filed either electronically or postmarked no later than this deadline or else the amount you owe begins to accrue interest. If you haven’t filed your income tax return, it’s time to get the ball rolling as the deadline is quickly approaching. Here are a few tips to help you make the most of these next few weeks.
Hire a Professional
What is tax debt relief? If you’re not comfortable doing your own income taxes, you can always hire a local tax service to file them for you. They can figure out if you owe or you are due a refund. They can figure out what additional tax breaks you qualify for. They can also help you decide whether you need more time, and they will file an automatic extension of time to give you six additional months to file your income taxes. Just keep in mind that you do not get six additional months to pay any taxes you owe. You must send a check with the estimated amount due with your extension if you are not due a refund.
Gather All Your Receipts
Did you make any large purchases this year or upgrade your home to include some energy efficient appliances? If you did, you want to keep those receipts. Every taxpayer has the opportunity to claim sales tax, and anyone who made large purchases should keep those receipts. There is a standard sales tax deduction for anyone who doesn’t have their receipts, but large purchases add up fast. Furthermore, those who make upgrades at home that are energy-efficient can get a tax break on those, too.
Check for Tax Breaks
Do you have kids in daycare while you work? You may qualify for a child and dependent care credit that puts more money in your pocket. Did you take in the child of a friend or family member and provide more than half of their support for more than half the year? You might be able to claim that person as a dependent. If you paid student loan interest, you might be able to deduct it. If you paid for school and didn’t receive any scholarships, you may qualify for educational credits. It’s helpful to think outside the box.
Don’t Forget Healthcare
The new healthcare policies that have been in place the past few years are confusing to some, but you need to know if you paid for insurance. If you did not, you are penalized on your income tax return. If you did, you need to have the form to prove it. This is especially true if you paid for health insurance through the marketplace because you must have this form to file your income taxes.
Once you gather your documents and turn them into your tax preparer, be sure you opt to file electronically. This helps you find a faster income tax refund in your bank account even if you chose to have a tax refund mailed to you. The fastest refunds are direct deposited into your account, however. Talk to your tax preparer if you have any questions. No question is a stupid question when it pertains to taxes.