8 Tips to Tackle Your Taxes

H&R Block
One of the biggest stressors related to tax season is waiting until April 14 to do your taxes! The longer you procrastinate, the more stressful doing your taxes becomes. So, gather the information you need as soon as possible and just do it! Here are some tips to help you along the way.

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8 Tips to Tackle Your Taxes

1) Look for coupon codes to save money on your tax preparation. For example, H&R Block offers a variety of codes to help taxpayers with special promotions. It only takes a minute to check and see if any of the codes will help you save money!

2) Paying to have your taxes done can often times chip into the money you would be getting back on your taxes. So, if you have the opportunity to file for free, why not take advantage of it? For example, with H&R Block More Zero, qualified returns can file for free.

3) Both a tax credit and a tax deduction can save you money but there is a difference. A tax credit gives you a dollar-for-dollar reduction on your income tax liability. A tax deduction lowers your taxable income. A credit is more valuable but both will help your bottom-line.

4) Check with a professional to make sure you are taking advantage of every tax credit and deduction you are entitled to. Often times people overlook a deduction or credit that they could utilize to their advantage. This is where working with a professional comes in handy.

5) If you have children make sure you look into taking the Child and Dependent Care Credit. If you adopted a child with special needs or any other adoption, check into the Adoption Credit.

6) Students should see what they qualify for under the Student Loan Interest Deduction and the Hope Scholarship Credit. Also, if you had educational expenses outside of tuition, check with your tax professional to see if any of these expenses could lower your tax liability.

7) If you moved for a job in 2017, check to see if your moving expenses could lower your tax liabity. There are certain criteria you need to meet, but often times taxpayers overlook this deduction.

8) If you own a small business be sure you ask a tax professional about all the deductions and credits you may be entitled to. The IRS lists some of the Deductible Business Expenses as: Standard Mileage, Home Office, Business Use of a Car, Business Travel Expenses, Bad Debt, Business Entertainment Expenses and Depreciation & Amortization. It is worth it to research each of these items to see what you can quality for.

The bottom-line is it can cost you more money if you overlook a credit or deduction you are entitled to. This is why consulting a professional, who is up to date on tax codes and laws, may be worth your time and money.