"If you want to avoid the stress of the looming deadline, start getting organized as soon as possible. "Don't wait until the last minute but also don't rush," said Tom O'Saben, director of tax content and government relations at the National Association of Tax Professionals, Gathering all your documents, signing up for direct deposit and keeping copies of your tax returns are some of the best practices when it comes to preparing to fill out your taxes."
"This year, due to the Republican tax and spending bill that President Donald Trump signed over the summer, there are new deductions taxpayers should know about. Among them are no tax on tips, no tax on overtime, deductions for car loan interest, and deductions for people who were 65 or older by Dec. 31, said Miguel Burgos, a certified public accountant and an expert for TurboTax."
Tax season runs until April 15. Taxpayers should start organizing documents early and avoid rushing. Best practices include gathering Social Security numbers, W-2s, 1099s, savings and investment records, eligible deduction receipts, and tax credit documentation, and signing up for direct deposit while keeping copies of filed returns. Recent tax and spending legislation introduced new deductions such as no tax on tips, no tax on overtime, car loan interest deductions, and senior deductions for those 65 or older by Dec. 31. Average refunds were $3,167 last year and may be about $1,000 higher this year. Free resources are available.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]