If you haven’t filed your taxes yet, then you might want to get on the ball. We did a little research and found 10 Tax Tips for Last Minute Filers. In case you didn’t know, the 1st Time Home Buyers $8,000 Tax Credit was extended to April 30th.
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1. E-File Your Return: Your tax return will get processed quickly if you use e-file. If there is an error on your return, it will typically be identified and can be corrected right away. Choose Direct Deposit to receive your refund quicker.
2. Review Tax ID numbers: Remember to carefully check all identification numbers on your return. Incorrect or illegible Social Security Numbers can delay or reduce a tax refund.
3. Double-Check Your Figures: Whether you are filing electronically or by paper, review all the amounts you transferred over from your Forms W-2 or 1099. Also, make sure you have all your W-2s and 1099s from the companies you worked for.
4. College Students Federal Tuition Deduction (amount is a total, not per student)
• $4,000 tuition/books deduction if income is $130k or less ($65k or less for single filers)
• $2,000 tuition/books deduction if income is $130,001-$160,000 ($65,001-80,000 for single)
• Available for all undergraduate and graduate levels; no limit on number of years claimed
• Cannot also claim an American Opportunities, Hope or Lifetime Learning Credit for the student
5. Earned Income Tax Credit (EIC/EITC): Federal income-tax credit for working families with low to moderate incomes (Single Income up to $35k/ Married Income Up to $45k). Married and single parents or caregivers can receive anywhere from $2,000 to $4,000.
6. Home Office Deductions: If you have a home business or work from home for your current employer, check to see what deductions are available.
7. File an Extension: Taxpayers who will not be able to file a return by the April 15th deadline should request the IRS Form 4868, which gives you an extension of time to file by October 15th, 2010. Remember, the extension of time to file is not an extension of time to pay.
8. Review Your Math: Taxpayers filing paper returns should also double-check that they have correctly figured the refund or balance due and have used the right figure from the tax table.
9. PLEASE MAKE SURE YOU SIGN AND DATE YOUR RETURN!!! ALSO When filing a joint return BOTH spouses must sign a joint return, even if only ONE had income. Anyone paid to prepare a return must also sign it.
10. 1st Time Home Buyer Tax Credit was EXTENDED to April 30th, 2010: If the buyer enters into a binding contract by April 30, they have until June 30, 2010 to settle on the purchase. No credit is available if the purchase price of the home exceeds $800,000. The maximum credit for first-time homeowners is $8,000 (up to $4,000 for married filing separately). If you are NOT a 1st time buyer but purchased a residence you can receive a credit of up to $6,500.
**Bonus** Check to See if You are Eligible to Received the The Making Work Pay Tax Credit, which normally gives a maximum of $400 for working individuals and $800 for working married couples
For any more question, concerns and forms, contact the IRS: 1-800-829-1040 or go to their website: http://www.irs.gov
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