Nearly 1 in 3 taxpayers waits until April to file their return. Here are some tips to help make the final stretch of the tax season less daunting.
Get organized. Keeping good records is the foundation for everything else because you can’t deduct what you haven’t documented.
Don’t overlook credits and deductions. The tax refund is the single largest financial transaction many taxpayers will have in a year. In fact, the IRS announces annually that approximately $1 billion goes unclaimed in federal tax refunds.
Avoid common filing pitfalls. Selecting the wrong filing status can affect which credits and deductions you are eligible for, the value of your standard deduction and your tax bracket. In addition, common clerical errors such as mixing up names, forgetting to include information reported on your W-2, 1099 or other forms, or even making mathematical errors can also affect your tax benefits.