Easy Tips to Plan Ahead for the 2017 Tax Season
Now that the holidays are over, tax season is here. Instead of scrambling to find those receipts, or to track down where you donated and when – start by taking these quick and easy steps to get you ahead of the game and get the most of your refund!
Did you donate to charity or pay extra on your student loans? If you did, then you are already one step closer to maximizing your tax refunds in 2017. Keep track of how much you donated as well as how much you paid on your student loans. You can deduct up to $2,500 in interest paid on your student loans.
Do you have health insurance? If you never signed up for health insurance this year, then the fee necessary to pay has also gone up. The most important thing to do now is the research why you didn’t sign up for health insurance, or when you lost your health insurance. That fee may be waived depending on how long you have gone without health insurance or your reasoning behind not being insured.
Do you claim the earned income tax credit (EITC) or additional child tax credit (ACTC)? If you do, keep in mind that you will not be receiving your refund until February 15. This can play in your favor, as you don’t need to worry about filing as early as possible, but there are still steps that you can take to make sure you are as prepared as possible for your tax return. The IRS will begin releasing returns on February 15, so keep in mind that you still may not receive your return till sometime after that.
Making sure you are as prepared as possible isn’t as stressful as it sounds. Keep these tips in mind when you are preparing early, and the 2017 tax season will be a breeze! If something has changed in your typical tax filing, such as getting married, changing your job status, or having children, it may be a great idea to find your local financial planning office, such as H&R Block, to being your tax journey now.