Tax Tips

Tax Saving

• Does your withholding amount need to be adjusted? Use the Withholding Calculator at http://www.irs.gov/
• Are you entitled to education or child care deductions?
• Have you opened an IRA to save on taxed today and build for the future at the same time?
• Are you a volunteer-PTA? Little League? Church? Record and deduct charitable mileage: you may be surprised at the miles you’ve chalked up.

Time Saving

• Have one place to keep W-2’s, mortgage and interest statements and other tax-related forms as they arrive.
• Use an electronic checkbook throughout the year. At tax time, reports in every category are at your fingertips.
• Use tax preparation software. This step-by-step process catches almost every deduction or credit and does the calculating for you-error-free!
• File early for a fast refund. E-file with direct deposit for a faster refund.
• Take a minute today, save hours at tax time As you prepare your income tax return this year, get organized for future years. Are your files in disarray? Take a few minutes today and establish one spot to keep all tax deductable and tax reporting items. Label separate envelopes or folders to hold receipts for each category or account.
• Are you required to track mileage or other expenses? Take a few minutes each month to add them up, and you will be less likely to overlook an important deduction. Having a dozen monthly subtotals will save hours of year-end calculating.