Tax season is upon us and we've compiled a list of tips to help you make the most of it. So before you file your taxes this year, read our advice on how you can reduce stress and increase your refund (or decrease the amount you owe).
1. Get a jump start.
Gather important tax-related information and documents before you start your 2015 tax return. To make next year's tax preparation easier, create a filing system you can use throughout 2015 to store items such as:
- Statements of income from jobs, business ownership or farming
- Receipts for purchases or transactions such as major medical or dental expenses, moving expenses, charitable donations, expenses associated with a home business, etc.
- Investment income and distribution statements
- Records for real estate and personal property taxes paid
- Documentation for miscellaneous income such as jury duty, scholarships, gambling winnings, etc.
- Social Security benefits statement
2. Reduce your tax burden.
Utilize available tax deductions and credits for expenses associated with:
- Child care costs
- Education expenses
- Adoption costs
- Medical and dental expenses
- Health insurance coverage
- Home mortgage interest and points paid
- Investment interest expense
- Charitable donations of cash
- Casualty and theft losses
3. Keep more of your money.
Don't overlook adjustments to your income that may increase your tax refund or lower the amount you owe, like:
- IRA contributions (visit the IRS website to learn more about contribution limits)
- Saver's credit
- Energy credits
- Moving expenses
- Self-employed health insurance payments
- Keogh, SEP, SIMPLE and other self-employed pension plans
- Alimony paid
- Educator expenses
And, there's still time to benefit–you have until April 15, 2015, to contribute to an IRA and apply that adjustment to your 2014 tax return.
4. Take advantage of tax filing assistance.
As a member of UHCU, you can save up to $15 when you do your own taxes with TurboTax. And, TurboTax coaches you every step of the way.
- TurboTax translates taxes into simple questions about your life and puts everything on the correct forms.
- TurboTax searches over 350 deductions and credits, so you can be confident you're getting the biggest refund.
- TurboTax runs error checks and a final review of your return to help make sure your taxes are done right.
Visit our Tax Services page
for tax preparation help and savings.
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