Tax time can be a gift and curse if you aren’t careful. 2017 holds great promise for an awesome refund if you’ve been good all year. It’s like Christmas all over again! Here are 5 individual tax tips you need to keep in mind for 2017.
1. Tax Breaks
The tax breaks received last year may not be the same this year. You may not qualify for certain exemptions and deductions. There are new rules and laws that may keep you in the running for certain tax breaks and deductions, and knock you out of the race for others. If your personal situation changes, your tax situation may also change.
2. Review Your Forms
Taxpayers make a lot of careless mistakes because they are rushing to receive their tax return. The two most common mistakes made are incorrect social security number and incorrect math calculations. Mistakes that are easily made can easily be avoided. No one wants the headache of waiting to correct information which slows down the refund process.
3. Direct Deposit
Filing taxes means giving and receiving money in most cases. You want your money as soon as possible without using the rapid refund option. The best way to get your refund quick is having your tax refund deposited into your bank account via direct deposit. The quicker you get your money, the better.
4. Electronic Filing
If you’re looking for more ways to get your tax return sooner, file all of your forms and other documents electronically. Electronic filing is the easiest way to avoid long post office lines and leaving your home.
5. Don’t Play the Guessing Game
Guessing is one of the worst things to do on your taxes. Instead of cutting yourself short and losing out on a higher tax refund, hire a CPA to help you navigate through the refund process and understand the steps that need to be taken.
Taxes can be confusing, and that’s why we’re here to help. We handle every aspect of financial life, including taxes. Contact us today get your financial life on track.