![]() ![]() These could include business expenses, energy efficiency upgrades, child credits, and more. Go back and look for any deductions and credits you might have missed. Step 3: Check for Other Deductions and Credits If you have already filed your tax return without maxing out your retirement accounts, don't worry you can still amend your return if you make your contributions in time. The deduction you receive will reduce what you owe. Don't forget that you can still open and contribute to an IRA account up until your filing deadline. If you have money in the bank and don't want to give it to the IRS, upping your retirement savings could be a solution. If anything doesn't match up, take a closer look. Of course, some numbers will be slightly different, but the differences should match your raise, reduction in hours, or other life changes. When looking for errors, the best place to start is a line-by-line check, comparing this year's return to last year's return. Common errors include entering a wrong number, adding an extra zero, or entering the same income in two different places. If you used tax software, note that it checks the math based on what you entered, but it doesn't know if you entered the right numbers. Step 1: Check for Errorsįirst, go through your return and make sure that you haven't made a mistake. There are several ways to bring that hefty tax bill down. ![]() ![]() ![]() Have you just completed your taxes and discovered that you owe way more than you expected? Don't panic. ![]()
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