great tips to help you file your taxes (and get a refund)
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#CreditChatWednesdays | 3 p.m. ET
Great Tips to Help You File Your Taxes (And Get a Refund) Featuring @Taxtweet
Wednesdays | 3 p.m. ET#CreditChat
Join our #CreditChat every Wednesday at 3 p.m. ET. This week, we talked about filing taxes and getting a refund.“
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ex.pn/taxes
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What are some tax mistakes that are easy to make?
The simplest mistakes are those human ones - data entry and calculations can get tricky.
Tweet by @AmericaSaves
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Putting it off for too long. Having to get your taxes done under a tighter deadline increases chances of mistakes.
Tweet by @LeslieHTayneEsq
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10 Common Tax-filing Mistakes to Avoid- Math miscalculations - Filing status errors
- Computation errors - Social Security number oversights
- Misspelled or different names - Complete charitable contributions
- Direct deposit dangers - Signature required
- Additional income, additional filing work - Missing the deadline
Source: @TaxTweet
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What are some overlooked tax deductions?
Missing out on homeowner tax deductions (easy to do if it’s your first year after renting).
Tweet by @RAHomes
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If you are a student who claimed yourself, you can write off your costs on books if you still have your receipts.
Tweet by @Finovera
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Business expenses that might not seem like business expenses - computer repair, phone, etc.
Tweet by @_MoneySavingPro
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What’s the difference between tax deductions and credits?
Deductions lower your taxable income; credits lower the amount you owe.
Tweet by @DebbiKing
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How can feeding your retirement accounts help reduce your taxes?
People who don’t have a retirement account at work are able to defer paying income tax on the amount they deposit in an IRA. Tweet by @LeslieHTayneEsq
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Pre-tax contributions to accounts like traditional IRAs and 401(k)s can reduce your taxable income.
Tweet by @WealthWithMina
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What options are available for those who don’t have money to pay taxes?
Go to IRS.gov and apply for an installment plan - pay the balance monthly over as long as six years.
Tweet by @LeslieHTayneEsq
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Any final tips for those of us about to file taxes?
Make sure you file even if you don’t have everything. Either file a return or an extension. Not filing is not an option.
Tweet by @DebbiKing
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IMPORTANT NOTE:
An extension of time to file is NOT an extension of time to pay.
You must still pay all or part of your estimated income tax due.
Source: www.irs.gov
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Check out all the resources and tips shared:
ex.pn/taxes
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