Tax season is here. Don’t let it slip on by. Here are some tips to stay ahead:
- Gather your records: receipts, canceled checks, taxes paid (property + school district), interests paid on students loans, mortgage interests, tuition, etc. If you don’t have these information, you can call the banks or schools to get one.
- Sign up to get W-2 Online: It will make your life simpler by reducing mistakes. From my own experience, the number one common error is entering the wrong social security number, employee ID, and/or salary amounts. With the online W-2, you will be able to download the information directly saving you time and effort.
- Hire a CPA to save time: Consult a CPA if your tax situation for 2011 is complicated
- Use Free File: If you made $57,000 or less in 2011, you are eligible to file for free at www.irs.gov/freefile
- Increase your IRA contribution: In 2011, the maximum contribution for tax payers under the age of 50 is $5,000 and for those above 50, it’s $6,000. You have until April 17, 2012, to do so.
- Consider direct deposit: a refund via direct deposit is much faster and more reliable.
- Review your information: including but not limited to your filing status, the number of exemptions you can claim, W-2 Information, and other personal information.
Remember, the deadline for individual returns this year is Monday, April 17, 2012. If you need help filing your taxes, please contact me vivian.truongCPA@gmail.com