Source Newsroom: University of Florida Institute of Food and Agricultural Sciences
Newswise — Michael Gutter is available to talk about helpful tax tips. Below are his recommendations for saving time and money this tax season.
1. Make use of a volunteer income tax assistance site, or VITA, which provides reliable, free tax assistance service to people whose taxes aren’t terribly complicated and whose income is under $51,000.
2. Keep organized records and take advantage of applicable deductions and credits such as those for education, child care and home purchase expenses and charity contributions.
3. Remember that a number of tax credits are relevant for people with children including those with children in college or paying for private school.
4. Check your eligibility for the Earned Income Tax Credit, which is a credit for low-income workers.
5. Use Form 8888 to have the IRS deposit your refund into a savings account, IRA or a safe place where it cannot be spent easily on impulse purchases.
6. Amend previous years’ returns if you missed a deduction or credit you were eligible for.
7. Avoid tax refund anticipation loans and the fees or interest that accompanies them unless you are in a financial emergency.
8. Realize that you can make tax-deductible IRA contributions for the previous year up until tax filing day.
9. Don’t delay filing a return if you’ll be receiving a refund, since the sooner you receive a refund, the sooner that money could be in an account accruing interest for you.
10. Be truthful on your taxes, and be sure to file a return on time or request an extension!
Michael Gutter is an associate professor specializing in family finances and is a member of the University of Florida’s Family, Youth and Community Sciences department, part of the Institute of Food and Agricultural Sciences.