It’s that time of year again, when New Year’s resolutions peak and an eye toward filing federal income taxes widens. Whether you anticipate a tax return in Stone Mountain, GA or believe you will owe taxes, the tips may Dave you thousands when you file federal income taxes.
1. Contribute More to Your Retirement Account
Did you know you can contribute into a an Individual Retirement Account (IRA), Self-Employed Plan (SEP) or SIMPLE retirement plan for the previous tax year in the current year? It’s true. If you haven’t met the contribution rate of your retirement account, you have until April 16th to do so.
2. File Your Tax Return Quickly
If you overpaid taxes last year, a refund may be coming to you. If you underpaid taxes last year, you may owe the Internal Revenue Service (IRS). In either case, file early to find out if a tax refund in Stone Mountain, GA is coming to you, or the amount of money owed to the IRS on or before the tax filing deadline, April 16th.
3. Wait Until Your Financial Aid is Filed
If you received a raise or bonus last year, your taxable income for the year increased. It’s best to wait to file your taxes unto your financial aid forms are submitted. Why? With your increased income, the likelihood of receiving financial aid is reduced or possibly eliminated. You must show financial need to receive the most financial aid, so if you made more money this year, hold off filing.
4. The Clock is Ticking
It’s never too early to file your federal income taxes. Heck, if you know for sure a tax return in Stone Mountain, GA or Orange County, CA is coming your way, why wait? Gather your tax documents and set an appointment with your tax professional today!
Get your tax return in Stone Mountain, GA today!
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