Tax Tips To Help You Maximize Your Return
It's tax season again and that can mean only one thing: time to file those returns.
The process of filing your taxes, doing write offs, and keeping track of everything can be a daunting one and can cause a few headaches.
There are a few things that a tax filing Apartmentite needs to keep in mind to (hopefully) maximize their return and get it as quickly as possible.
1.
) Organization- Make a list ofall of the documents, receipts, and statements that you will need to file your taxes.
Then organize your time to set a little bit of time aside in your busy Apartmentite schedule for filing.
If you are filing your taxes yourself or through an online service like Turbo Tax, be sure to allow yourself ample time to complete all the steps.
2.
) Double Check Your Numbers- Be sure to go over your numbers and your math several times to assure accuracy.
Mistakes in your numbers can possibly lead to large errors in the outcome, or worse...
an audit! Ugh.
Don't only check the math, but make sure that you input the correct numbers from your income statement.
3.
) Don't Stretch The Truth -The IRS receives a copy of all of your income statements so that they can check your return for accuracy.
They know how much you make, so its best not to try to stretch the truth and exaggerate your income.
If you mark down outrageous write-offs, they may also bring you up in question.
It's always the best practice to be honest and accurate in your filing.
4.
) Time Is On Your Side-If you filed online, are due a refund and are not in dire need of the money right away, keep your extra cash and let them mail the refund to you.
Many of the online tax paying software companies charge fees for direct depositing the money into your bank, but if you can wait...
it's well worth saving the money that it would have taken for the fee.
5.
) Spend It Wisely- Hopefully your refund is not money that you were really accounting for in your budget, so do something special with it...
DECORATE YOUR APARTMENT.
You know you have been waiting to buy that awesome new piece of furniture or that cool painting to go above the couch.
Whatever your choice of improvement is, splurge a little and make you apartment better than ever.
The process of filing your taxes, doing write offs, and keeping track of everything can be a daunting one and can cause a few headaches.
There are a few things that a tax filing Apartmentite needs to keep in mind to (hopefully) maximize their return and get it as quickly as possible.
1.
) Organization- Make a list ofall of the documents, receipts, and statements that you will need to file your taxes.
Then organize your time to set a little bit of time aside in your busy Apartmentite schedule for filing.
If you are filing your taxes yourself or through an online service like Turbo Tax, be sure to allow yourself ample time to complete all the steps.
2.
) Double Check Your Numbers- Be sure to go over your numbers and your math several times to assure accuracy.
Mistakes in your numbers can possibly lead to large errors in the outcome, or worse...
an audit! Ugh.
Don't only check the math, but make sure that you input the correct numbers from your income statement.
3.
) Don't Stretch The Truth -The IRS receives a copy of all of your income statements so that they can check your return for accuracy.
They know how much you make, so its best not to try to stretch the truth and exaggerate your income.
If you mark down outrageous write-offs, they may also bring you up in question.
It's always the best practice to be honest and accurate in your filing.
4.
) Time Is On Your Side-If you filed online, are due a refund and are not in dire need of the money right away, keep your extra cash and let them mail the refund to you.
Many of the online tax paying software companies charge fees for direct depositing the money into your bank, but if you can wait...
it's well worth saving the money that it would have taken for the fee.
5.
) Spend It Wisely- Hopefully your refund is not money that you were really accounting for in your budget, so do something special with it...
DECORATE YOUR APARTMENT.
You know you have been waiting to buy that awesome new piece of furniture or that cool painting to go above the couch.
Whatever your choice of improvement is, splurge a little and make you apartment better than ever.
Source...