2012 Tax Tips and HOW TO Maximize your Tax Refund
With these 5 tips, MAXIMIZE your tax refund this year.
1. Gather all your tax records such as mortgage interest, receipts, cancelled checks and other documents that you may consider as a deductible expense. Want to know what a deductible means? CLICK HERE
2. Contribute the maximum allowable amount to retirement accounts.
If you qualify to deduct IRA contributions, you can make a contribution by
April 16, 2013 and claim it on your 2012 tax return. If you are in desperate
circumstances this late deduction may be worth looking at in the near future.
3. Make a last minute tax deposit.
If you’re aware that you haven’t paid enough taxes throughout the year, you
may be facing a large tax bill. To avoid that large tax bill make a tax payment by
Jan. 15, 2013.
4. Collect all receipts for out-of-pocket medical expenses.
You can deduct: Child birth expenses, Fertility enhancement procedures, drug or
alcohol treatment, legal abortion expenses.
5. Review your paycheck stub.
People forget that they may have donated through their job or paid Union dues. Review and always hold on to your last paycheck stub and review it for deductions.
6. Sometimes you just need an Accountant!!!
Suncrest Financials is here for you if you need a reliable accountant, contact us @ (240) 582-7109, we are waiting for your call!!!