We have now officially entered tax season. Below are a few helpful tips to keep in mind while preparing your 2013 taxes.
- Use your 2012 tax return as a helpful guide for filing your 2013 taxes.
- Remember, the IRS will not contact you by any electronic communications for personal or financial information, including email, text messages, or social media channels.
- Consider contributing to an IRA before April 15, 2014 to start tax-free compounding interest and lower your tax bill.
- Consider donating to area charities to help reduce your annual tax bill.
- Organize your tax documents with the Tax Form Checklist available from the IRS. Need help organizing your financial documents? Download Hills Bank’s Personal SAFEkeeper today to help you get organized with your financial documents.
- File electronically, it’s faster. Paper returns take time, usually 6 weeks. If you file electronically, it usually only takes 3 weeks to get your return.
- Double check your identification numbers and figures on your return. Also, don’t forget to sign your return! That is one of the top reasons for delays in tax refunds.
- You can check your status online or by phone with the IRS. Simply visit irs.gov and click the “Where’s My Refund?” link on the homepage, or by phone at 1-800-829-1954.
Visit the Financial Resource Center’s 2013 Year-End Tax Planning Guide for more tips on how to take advantage of favorable federal tax law provisions.Be sure to secure professional tax advice before attempting to implement any of the ideas presented.