Official Payments Blog

3 Easy Tax Tips

  • Flora
  • March 27th, 2015
  • Comments Off

1. Schedule time to do your taxes & stick to it. Finding time on your calendar and creating an appointment for yourself can be the first step to overcoming procrastination and getting your taxes done. If you’re expecting a refund, why not file as soon as possible so the money is with you and not the IRS? If you’re planning on preparing your own taxes, online tools and software like TurboTax┬« can help you get your taxes filed quickly & easily. We can even help you save a little on TurboTax┬« with this special offer.

2. Take all of your deductions & maximize your refund. It may take a little extra time, but give yourself the benefit a higher refund or lower tax bill by finding all of your eligible itemized deductions. Individual amounts may seem small, but together they add up and can lower your taxable income considerably. Deductions include tuition and fees for yourself, mortgage interest and real estate taxes, charitable contributions, and medical expenses. Although not an itemized deduction, contributing to an IRA before April 15 is another way to reduce your taxable income substantially. Here’s a handy list of 50 deductions that are often overlooked.

3. Know what an extension is. If you’re planning to file for an extension because you think that you owe, know that an extension only extends the deadline for filing from April 15 to October 15. It’s not an extension to pay taxes you owe! You still need to pay those by April 15. Not paying on time can lead to a penalty plus interest, and is determined on an individual basis by the IRS. Intuit offers an easy to understand explanation of how penalties and interest are determined here. If you already have your tax information together and know that you owe, consider filing and paying by April 15 and take taxes off your to-do list.

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