Image Above is from Padgett Financial Services
Tax season can be rather stressful. Regardless of whether you file your taxes DIY style or you choose any of the famous online tax systems;TurboTax, H&R Block, TaxAct or etc, it is something that should be a priority. For most people, filing their taxes can be rather annoying but there is usually a light at the end of the tunnel (a refund). For others that have to pay up to the IRS, this can be a bothersome time period.
Regardless of your tax situation this year I have information for you. April 15th will be here before you know it. I would have said something sooner but unfortunately I only started my website a week ago. But, beyond that these are some serious considerations to keep in the back of your brain when finishing up those taxes this year:
If you're married - According to TurboTax 96% of married couples filed joint taxes in 2009. But what most couples don't understand is that filing together doesn't always lead to the biggest tax return. Filing taxes separately can really boost each person's refund. The only thing about filing separately is that it is more time consuming. But, despite the hours trying to file, the tax savings are well worth it.
If you open an IRA - During this wonderful tax season you are more then welcome to open a traditional IRA. If you open up this type of retirement account before April 15th you will be eligible for a Saver's Credit. This credit also applies to other retirement accounts and you can learn more about this on the IRS's website.
If you're credit savvy - We always hear talk of how we can get deductions on our taxes. But the truth is that credits help you more when boosting your refund. It's really important that you know the different credits you are eligible for when filing your taxes DIY style. Take a look at all the credits available on the IRS's website.
If your unsure about the Affordable Care Act - The Health Care Act has the ability to directly affect your taxes. If you didn't have coverage 2014 and you weren't eligible for an exemption than you have to pay a penalty. The penalty varies based on the length of time you went without coverage and the amount of people in your home that went without coverage. You can learn more about this at TarboTax's Website.
If you have to pay the IRS - If you're not getting a refund this year you will have until April 15th to pay those taxes. If you can't pay because of economic hardship it is very important that you still file and pay what you can. This will help you avoid penalties and interest. Also be sure to contact 800-829-1040 (the IRS) to negotiate payment options. There is a strong possibility that they will provide you with an extension and/or waive any fees.
Please don't give yourself a heartache by not filing your taxes because you know you have to pay back this year. You are better off handling your taxes as soon as possible. The IRS will calculate your liability with penalties and interest. This means that you will have to pay far more then you would in the beginning.
I hope that this information served you well. Make sure that you handle your taxes like a boss this year. And leave me a comment below and let me know what you think about this topic.
Regardless of your tax situation this year I have information for you. April 15th will be here before you know it. I would have said something sooner but unfortunately I only started my website a week ago. But, beyond that these are some serious considerations to keep in the back of your brain when finishing up those taxes this year:
If you're married - According to TurboTax 96% of married couples filed joint taxes in 2009. But what most couples don't understand is that filing together doesn't always lead to the biggest tax return. Filing taxes separately can really boost each person's refund. The only thing about filing separately is that it is more time consuming. But, despite the hours trying to file, the tax savings are well worth it.
If you open an IRA - During this wonderful tax season you are more then welcome to open a traditional IRA. If you open up this type of retirement account before April 15th you will be eligible for a Saver's Credit. This credit also applies to other retirement accounts and you can learn more about this on the IRS's website.
If you're credit savvy - We always hear talk of how we can get deductions on our taxes. But the truth is that credits help you more when boosting your refund. It's really important that you know the different credits you are eligible for when filing your taxes DIY style. Take a look at all the credits available on the IRS's website.
If your unsure about the Affordable Care Act - The Health Care Act has the ability to directly affect your taxes. If you didn't have coverage 2014 and you weren't eligible for an exemption than you have to pay a penalty. The penalty varies based on the length of time you went without coverage and the amount of people in your home that went without coverage. You can learn more about this at TarboTax's Website.
If you have to pay the IRS - If you're not getting a refund this year you will have until April 15th to pay those taxes. If you can't pay because of economic hardship it is very important that you still file and pay what you can. This will help you avoid penalties and interest. Also be sure to contact 800-829-1040 (the IRS) to negotiate payment options. There is a strong possibility that they will provide you with an extension and/or waive any fees.
Please don't give yourself a heartache by not filing your taxes because you know you have to pay back this year. You are better off handling your taxes as soon as possible. The IRS will calculate your liability with penalties and interest. This means that you will have to pay far more then you would in the beginning.
I hope that this information served you well. Make sure that you handle your taxes like a boss this year. And leave me a comment below and let me know what you think about this topic.