1. Use A Tax Preparer for Tax Season!
An experienced tax professional can ensure accuracy and that you do not miss out on any deductions and credits you may qualify for.
At JET Accounting and Tax Solutions, we offer first-time clients a free consultation. Ask the questions you’ve been dreading confronting all year so that you can gain a clear understanding of your situation then you won’t have to worry about them later!
2. Keep Up with Your Mileage.
Tracking a log of any miles. Documenting the miles that are driven by volunteering, work, business, or medical appointments is very helpful when filing. Be sure to save all travel-related receipts as well, this includes parking, tolls, bus or taxi, gas, and repairs.
3. Redo Your W-4.
Fill out your W-4 at the start of each year to make sure your withholding matches that year’s expected financial situation. Make sure to resubmit it anytime there is a change in your life. I don’t think that I can stress this enough to my clients, but remember that the focus should be less on receiving a refund and more on reducing tax liability.
It’s much better to put that extra money into some type of interest-bearing account throughout the year. Think about it. If you wait until the end of the year to collect a refund, you’ve done nothing but give our government an interest-free loan!
4. File Early.
If you want your tax return even faster, make sure to choose the option to eFile and use direct deposit for the fastest processing times.
5. Increase Payments Prior To The End of The Year.
If you can, postpone the collection of income until after December 31st and accelerate the payment of certain bills prior to December 31st. This can help increase your itemizing potential, which can result in a bigger refund.
For example, pay January’s mortgage payment in December, this will later increase your mortgage interest deduction. Some other examples include scheduling health-related treatments and exams in the last quarter of the year, which will