10 Last Minute Tax Tips from the EY Tax Guide 2014
New York, 1 April 2014
As the April 15 filing deadline quickly approaches, many taxpayers are racing to beat the clock, but don’t forgo accuracy for speed! Now is the time to consider these last-minute tax tips to help you save and avoid errors on your return.
“Reviewing your 2012 tax return is a great starting point before you file,” said Greg Rosica, contributing author to the EY Tax Guide 2014. “It could be a treasure trove, full of tax benefits that may carry over into 2013 and beyond. Last year’s return could help remind you of the deductions, credits and savings you’re entitled to now, so don’t overlook this simple step.”
Consider these last-minute tips from the EY Tax Guide 2014 before filing:
- Always check your math! Even if you rely on software, make sure the numbers are entered correctly.
- Review W-2 forms and 1099 forms to ensure there are no errors. If errors are present, get mistakes corrected quickly, so IRS records match your return.
- Whether filing a joint or separate return, double-check that you and your spouse’s social security number has been written correctly on the return.
- Cash contributions to charity need a bank record, such as a canceled check, or if $250 or greater, a dated receipt from the organization to claim the deduction.
- You may be eligible to claim additional standard deductions if you’re 65 years or older or if you’re blind.
- Include your Social Security number on every page of the return, in case pages get separated.
- If you owe money, write your Social Security number, form number and tax year on the face of checks to the United States Treasury.
- Be sure to sign your return.
- Make and keep copies of all documents sent to the IRS.
Minimizing filing mistakes could help accelerate processing time for refunds, so be sure to review. If you feel you need more time, you can request an automatic six-month extension which will give you until October 15 to file. However, the full payment of your tax bill is still due on April 15.
“There are a number of common filing errors that taxpayers can easily avoid,” said Rosica. “Take a moment to double check the details – that extra step minimizes IRS inquiries, speeds up turn-around time for your refund, and ultimately saves you time and money.”
Visit www.ey.com/EYtaxguide for more tips, suggestions and information.
Editor’s Note: B-roll of Rosica and the EY Tax Guide is available.
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