Tuesday, April 17th is inching ever-closer, which can only mean one thing: Tax Day is nearly upon us. If you’ve already filed your taxes, good work! But an article published by Time suggests that most of us aren’t quite as on the ball, choosing to wait until the last minute. Not to worry, there’s still time to get the best tax returns Boise can offer! Here are four tips you can use when filing your taxes this year.
1) File As Soon As Possible
If you’ve yet to file your federal and state returns, it’s recommended that you begin your preparations at the earliest possible convenience. Between work, family, and social obligations, it’s a little too easy to forget about filing. Next thing you know, it’s April 16th and you still haven’t filed! Not to worry, if you don’t have time to file your taxes, you can find a professional to help. However, you’ll still want to contact your tax professional within the next few days to give them as much time as possible to maximize your return. Remember, you’re not the only person who waited to file. The closer we get to April 17th, the harder it’s going to find an easy and convenient way to file your tax returns Boise.
2) Maximize Your Deductions
Taxes in 2018 are a bit different than in previous years, so make sure you’re familiar with what’s changed. Otherwise, you may miss out on hundreds of dollars in deductions. Fortunately, there are deductions for all types of aspects of your life. If you have kids, for example, you may be eligible for a Child and Dependent Care Tax Credit. If you didn’t earn much last year or lost your job, you can qualify for the Earned Income Tax Credit (EITC) which can supplement any lost wages. Students and recent graduates can take advantage of a deduction based on student loan interest rates! You’d be surprised at what you can deduct, so ask your local tax professional if you have any questions.
3) File An Extension If Necessary
Sometimes life just gets in the way. Not to worry, it happens to the best of us. If you absolutely can’t get your taxes in by April 17th, go ahead and file an extension. You’ll still have to file your taxes by the new due date, and you may have to pay a penalty, but an extension can give you an extra few weeks to gather documentation.
4) Pick The Right CPA
If you’d rather have your taxes filed by a professional, you’ll want to choose someone reputable. Do your research before agreeing to work with a certified professional. By law, they’re required to hold an IRS Preparer Tax Identification Number or PTIN. You can use this identifier to research your local tax pro before reaching out.
Tax Returns Boise Made Simple
Whether you’re filing yourself or using a pro, make sure to take these four tax tips into account when filing this year. If you’re interested in getting some help, be sure to reach out. JTC CPAs are dedicated to helping individuals and businesses alike get more of their money back.