With the 2015 tax filing deadline just one day away, we thought we’d go over some last-minute tax filing tips you should consider before submitting your tax return. Information herein is not intended as tax advice, and we strongly recommend that you research your own tax situation and/or consult with a tax professional in your area. That said, here are five last-minute tips on successfully preparing your 2015 tax filing:
1) Check over your return for common mistakes
Make sure you avoid common mistakes on tax forms, including failing to add or itemize correctly, not looking into whether an itemized deduction form might yield greater returns than a standard deduction, and/or not having the receipts to justify your non-cash charitable donations.
2) Make sure you haven’t forgotten to include important tax deductions
Some common deductions and credits you should definitely consider listing include: charitable donations, refinancing points, deductions for jobseekers, child care credits, healthcare costs, jury pay, deductions for educators, and higher education expenses. Such deductions, among others, can sometimes translate to savings of hundreds and even thousands of dollars on a return.
3) Consider hiring a professional tax specialist
It may not be too late to find one in your area that can review your return and potentially save you money, even when accounting for the cost of hiring this professional. After all, tax laws change all the time, and a professional may have insights into your tax return that you have overlooked.
4) File your return online
While some folks continue to resist filing their taxes online, others consider online filing more convenient – not to mention that the IRS is known to process online tax returns much faster than traditional ones.
5) Carefully consider your retirement account contributions
If you haven’t yet done so, you may be able to make a deductible contribution to your retirement account that will not only lower your tax bill this year, but also add to the long-term growth of your retirement account.
Once again, J.G. Wentworth cannot give specific tax advice, and recommends that you consult with a tax professional about your particular tax situation; that said, we do hope this shortlist of last-minute tax filing tips helps you finalize a return that both maximizes your savings and increases your potential tax refund. And always remember that if you find yourself in a difficult financial situation in the future, J.G. Wentworth is always here to help get you the money you may need from your future structured settlement or annuity payments sooner. Call us anytime at 877-227-4713.