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Newsletter Home Mid-Atlantic Federal Credit Union Privacy Pledge to Our Credit Union Members Business Members – Are You Paying Too Much to Accept Credit/Debit Card Payments? Demand for Small Business Loans Is Up Organize Your Records and Save on Taxes Prioritize Your $pending in Five Easy Steps Why Non-correlated Assets Are Important in These Volatile Times Are YOU Ready to Buy a Home? CommunityCorner |
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and Save on Taxes
According to the Government Accountability Office, an estimated 2 million taxpayers each year overpay their taxes by failing to take all the deductions they're entitled to.* If your tax records are disorganized, you could be missing out on ways to save on your tax bill.In addition to helping you save money, getting your records organized can make tax filing quicker and easier. Just follow these steps:
Step 1. Label three folders. Can't be easier, right? Just label one folder "income," one "investments" and
another "expenses and deductions."
Step 2. Start sorting. Go through your pile of receipts and documents. Put everything that shows earnings (W2 forms from your employer, dividend and interest statements from deposit accounts, tip statements, etc.) into your income folder.
Investment statements showing interest, dividends and investment purchases and sales, as well as information about capital gains and losses, should go in the investments folder. Put receipts for charitable donations, unreimbursed medical expenses, mortgage interest statements, property tax statements and any other deductible expenses in your expenses and deductions folder. Not sure if it's deductible? Visit irs.gov and search for Tax Topic 500 for more information on deductible expenses.**
If you work from home, you may be eligible to deduct home office expenses. In that case, include copies of utility, phone and Internet service provider bills, as well as household repair bills and rent or mortgage payments. To learn more, download Publication 587, Business Use of Your Home, at irs.gov.**
Tip: If you place receipts and documents in their corresponding folders as you receive them throughout the year, rather than waiting until tax season, you'll save time.
Step 3. Compile any other information you will need to file your return, including your Social Security number; account number(s) for directly depositing your refund, if any; your previous year's tax return; and your password if you are using online tax preparation software.
e-file for quicker refunds
Once you have your information compiled, e-filing can help you complete your return, avoid common errors and get your refund faster, especially if you choose direct deposit. To learn more and find out if you are eligible for free
e-filing, visit irs.gov/efile.**
| * | Source: Government Accountability Office, gao.gov. |
| ** | Web site provided for information only. No endorsement is implied. |
