Not everyone has an accountant at their disposal when doing their taxes. Increasingly, most Americans are trying their hand at taxes and deciding to go at it alone. Similar to wanting to do their own taxes, most of us tend to wait for the last minute to get all our things done. Keeping in mind the spirit of delaying things and getting it done on the last minute, here are a few tax preparation tips that’ll help all the last minute tax preparers.
You’ve Still Got Time To Reduce Your Tax Bill
Doing the standard deductions is an easy process but resting on your laurels only after doing these is not advised. There are several last minute deductions that’ll help you reduce your tax bill. There are some well known tax deductions such as charitable donation etc., but there are a few such as local sales taxes, student loan interests, and moving expenses for career that are also deductible from your tax bill.
Still Time For IRA Contribution
There is always time for you to contribute to your savings account. You have time until the final date of filing your taxes to increase the amount in your retirement savings account and thus avail another of those smart tax deductions from your tax bill.
Keep Your Evidence Ready
A large number of itemized deductions will make you an attention seeker from the IRS authorities. This isn’t a sign for you to stop getting those tax deductions, it simply means you should keep all your documentary evidences ready in case you are asked to show the basis for your tax deductions.
Keeping your tax preparation for the last minute isn’t the wisest thing to do but if you do so, your knowledge about taxes should be up to the mark. To help you improve your tax knowledge there are tax preparation programs such as Annual Filling Season Program and Annual Federal Tax refresher course.
