You have until April 18th to file. Use these tips to send in your tax return.
If you have yet to get around to filing your taxes, it’s important to schedule time aside to prepare for this. With April 18th looming ahead, you’ll need to get your documents in before that date. Whether you’re doing it yourself or hiring a professional, you’ll need to think about getting your documents in order.
For the last minute tax tips that you need to file your personal taxes, read on.
Maximize retirement plan contributions.
If your employer offers a 401(k) or another type of deferred pension plan, make every effort to contribute the maximum amount possible. If your employer does not offer any retirement plan, then consider contributing to a traditional individual retirement account, which potentially offers a tax deduction for the year the contribution is made.
Claim what is yours.
The IRS states that one out of every five workers fails to claim valuable earned income tax credit. If you worked and earned less than $53,505 in 2016, use the EITC Assistant Tool to determine if you qualify for this credit. You must file in order to receive the credit.
Get rid of the clutter, unwanted, and unused items around your home by donating them to charitable causes. You can make money by donating items to charities in need. The deduction is limited to the item’s fair market value, and the items must be in good condition or better to be counted as a deductible. If the value of the items is more than $500, then you must file Form 8283, Noncash Charitable Contributions.
Get health coverage in order.
Make sure that you know what you need to report to the IRS on your health insurance. You must ensure that you and your family have at least the minimum health coverage in place, or you may face a penalty fine.