Top 7 Tax-Time Tips

Tax season is here. Don’t let it slip on by. Here are some tips to stay ahead:

  1. 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.
  2. 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.
  3. Hire a CPA to save time: Consult a CPA if  your tax situation for 2011 is complicated
  4. Use Free File: If you made $57,000 or less in 2011, you are eligible to file for free at www.irs.gov/freefile
  5. 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.
  6. Consider direct deposit: a refund via direct deposit is much faster and more reliable.
  7. 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

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