Stephen Souky – Save Money with These Last Minute Income Tax Tips
Stephen Souky holds a Bachelor’s Degree in Accounting from State University of New York, Fredonia, and has experience in income tax issues. According to research one in four Americans waits until the last two weeks before filing the IRS reports. Waiting for the last minute to file your IRS report is not a good idea and it increases your chance of making mistakes. Here are some last minute income tax tips you can use to save money.
Before you start filling any forms, gather all the information you need such as income and deduction information, social security numbers, including your last year’s returns. You will need W-2s and 1099s for income, including a Form 1099-INT if you have received interest from the bank. To deduct interest paid on your home loan, you might want to use Form 1098, Mortgage interest Statement. Receipts from donations, purchases, health care, payment for business, education, child care, and retirement saving contributions should all be kept ready before you start filing.
Decide who is going to file your taxes. Are you going to do it yourself, or are you planning on hiring a professional tax preparer to help you? If you earned less than $53,000 in a year, you could qualify for the free in-person preparation of basic tax forms via The Volunteer Income tax Assistance program (VITA). If your income is over $60,000 you could use the IRS Free File website offer to file your returns.
When filing your tax returns, it is best to take it slowly and not to rush. Mistakes can be costly, so it’s best to start early and avoid any last-minute filing. Stephen Souky recommends preparing the necessary paperwork well in advance to avoid any costly mistakes.