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- File your taxes on time.
Don’t over-complicate the process by missing important tax deadlines. Even filing an extension can add an unneeded hassle to filing your taxes. All feral tax returns have to be filed before midnight on Tuesday, April 15. State deadlines may be slightly different than the Federal deadline, so check with your state tax office.
If you know that you are not going to be ready to file by April 15, you can get an extension by completing the IRS Form 4868 no later than April 15.
- Check your tax breaks closely.
The tax game is ever changing. Tax breaks and exemptions that were available last year, may be expired and nonexistent this year. And expeditions or tax breaks that you didn’t qualify for last year, may have changed and you may now qualify.
If your personal situation has changed, it is pertinent to look extra close when considering tax breaks. Tax exemptions vary based on income level and age, so be aware of these things. Even if your personal situation isn’t changing, remember that the tax industry is, so approach each year fresh.
- Give to charity
All throughout the year, events come up with the opportunity to help out a charity or non-profit. Often times, people donate to these things without a second though. Be mindful that charitable contributions can reduce your taxable income. So if you plan on making a charitable donation, get a receipt. It cans definitely help you in the long run.
- Second guess everything.
The two most common mistakes on tax returns are math calculations and an incorrect Social Security number. These mistakes, that are completely avoidable can tremendously complicate the tax filing process, not to mention slow down the refund process.
When it comes to your taxes, don’t rush it. Take your time and check, and check again, everything. A little extra time while filing your taxes can save you from a potential headache and wasted time if you mess up.
- Ask for help from a professional.
Let us handle your taxes for you. We have built an expertise in the tax industry during the decades of experience our firm has. We aren’t just available in tax season to help you with last minute concerns, but X-Tax is open year round and ready to advise you on any and everything you may need. Don’t wait until April to start figuring out what is best for your personal finances, let us help you now to identify ways to minimize your taxes and maximize your refund.