Last Minute Tax Tips

Posted by Madison on April 18, 2011

The tax deadline is here!

Does this sound familiar? You start working on your taxes early with plans to get it out of the way. Then you run into delays, often because you don’t have all of your paperwork together (one of the most common reasons people hate taxes).

Once you have everything, you get the majority of your tax return done with plans to revisit some of your entries to see if you can maximize your refund.

The deadline rolls around, and you never actually revisit some of those items you wanted to look into. You file your return and forget about it… until next year.

Not this year! Here’s a checklist to get you started on everything you might want to revisit today, even though you don’t want to!

Last Minute Tax Tips

Review Your 3 Year Old Returns. Not only is today the tax deadline, but it’s also the deadline for your amended tax returns from 3 years ago. It’s a good habit to get into pulling out your old return from 3 years ago and review it to see if you made any errors or missed any items that could result in a bigger refund.

File an extension. You can file an extension to hedge your tax bill. Even though the tax deadline is here, I often file an extension to see what our income will look like later this year. Having the option to go back and make adjustments is a great planning opportunity!

Plan your retirement strategies for next year. When we discussed 7 Retirement Planning Strategies to Report on Your Taxes, you might have quickly glossed over them if you already filed. Time to go back and revisit the list and start working on them for next year.

Earn cash back on your tax payment. Don’t forget, if you are going to make a payment today, and have access to a great cash back credit card, you can come out ahead, even with the convenience fee when you Pay Taxes with Credit Cards to Earn Cash Back.

Report charge offs. Report Charge Offs for any peer to peer lending. I know they’re a pain to remember and handle, but if you had any charge offs, make sure you included them on your tax return.

Maximize college tuition. Review the Tuition Deduction Versus Tuition Tax Credits. Did you compute your taxes both ways to see which tuition method gives you a bigger refund? In addition, don’t forget to report your 529 Plan taxes.

Organize your small business paperwork. Small business owners make a promise to themselves each April that they’ll do better organizing and collecting receipts this year to take advantage of tax deductions for the self employed. It’s similar to the New Years resolutions that are long gone by February. Make a plan this year to collect and organize your paperwork!

Put your refund to good use. Did you get your tax refund back yet? If so, don’t let the money just disappear. Here are 7 Things To Do With Your Tax Refund so it can make a positive impact on your finances.

Review rules for hobbies and gambling losses. Just a quick refresher on What You Need to Know About Tax Losses before you file.

More Last Minute Tax Tips



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