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6 Tax Tips That Will Save You Money In 2016

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It's that time of year again, tax season! We know filing taxes can be stressful, but there are ways of making it better. Here are a few tips that can simplify your tax filing experience.

1. File Taxes Early

At the start of the new year we all know we must file our taxes. Getting a head start can help you in the long run. The IRS will begin accepting tax returns as early as January 19, 2016. Don't wait, mark this date on your calendar and get started! The best thing to keep in mind is the sooner you file the sooner you receive your tax refund.

2. Don't Overpay

Seeking professional tax help can end up costing you more in the long run. There are ways to prepare your taxes using tax software from your home. There are even some options where you can file federal and state taxes for free by doing it yourself. By utilizing the internet, you can file and receive your refund within 21 days. Simply go online and direct deposit through an e-file.

3. Organize Documents

Don't skimp on your deductions by being disorganized. Remembering everything you did in an entire year can be nearly impossible. Having your medical expenses, charitable donations and receipts in an organized fashion can help you account for everything you did in the previous year.

4. Increase Retirement Account

Start thinking about your retirement and what you can do to contribute. According to TurboTax, "For 2016, you can contribute up to $18,000 ($6,000 if you are age 50 and over) in 401(k) and 403(b) plans."

5. Check your W-4

Sometimes beginning a new year means new marriages statuses, new jobs or new people added to your family. Make sure you are keeping your W-4 forms up to date on all the new changes that might be occurring.

6. Lower Your Taxable Income

There are many different ways that could qualify you for taking the above-the-line tax deductions. These might include tuition and fees or even purchasing health insurance. According to Lisa Greene-Lewis, certified public accountant, "If you purchased health insurance in the health insurance marketplace and received a premium tax credit, you may get an even bigger premium tax credit when you file your taxes."

 

We at Timothy J. Sierra Attorney at Law would like to state that our blog posts and links, on our web page or any other social media outlet, to any other web pages are not intended for legal advice. We are not responsible for third party website information. If one is in need of legal advice please contact an attorney directly.

Source: MONEY | Taxes

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