Tax-time tips can make filing season a little easier
This week’s column was written by Emily Morgan, director of public relations for the Arkansas Realtors Association.
Have you started working on your taxes? Not to brag, but I’ve already filed mine and gotten my federal refund back — yay! But my taxes are also very simple. My dad helps me with preparing them and filing them because I’m nervous I’ll mess something up, and no one wants the Tax Man coming after her.
Luckily, I found these income-tax preparation and filing tips from tax pros on www.houselogic.com, a great online resource made possible by the National Association of Realtors.
• Pick the right software. TurboTax is pricey, but the pros agree that it’s their favorite option if you’re going the do-it-yourself route. The software is only as good as the information you put into it, so make sure you’re putting in all the information you need.
Get a copy of Form 1040 Schedule A to make sure you’re aware of all of the deductions available to you. Homeowners are sometimes entitled to all kinds of deductions, such as mortgage interest, property taxes, some costs of buying a new home and some costs of selling a home. You can find a full list of homeowner deductions on www.houselogic.com.
Free software can be OK, too. To use free software, your adjusted gross income must be less than a certain amount. Some box-store tax-preparing companies have free software too, such as H&R Block and Jackson Hewitt.
Some of the free software also have other restrictions. One thing I noticed was that you can e-file your federal tax return for free, but there is a charge to e-file your state return. It was a minor fee — but still a bummer that you find out about the fee toward the end of the process.
• Filing for an extension can be a smart thing to do.
Is time not on your side this year? It may be worth filing for an extension instead of pulling your hair out to make sure you file on time and risk missing a deduction or messing up something.
The HouseLogic website tells you exactly how to file an extension, but the No. 1 rule is to file it by April 15.
• Get the benefits of e-filing. HouseLogic says it’s better to e-file your taxes for two reasons.
First, you’ll get your return faster; and who doesn’t love that?
Second, 24 hours after e-filing, you can start checking on your return using the IRS’ “Where’s My Refund?” online tool.
Plus, when you file online, you can check your return for errors, and the system asks you a lot of questions to make sure you’ve dotted all of your I’s and crossed all of your T’s — something that made me feel a lot more comfortable.
For more helpful information about filing your taxes, deductions you could be missing out on and helpful tips, visit www. houselogic.com.
House to House is distributed by the Arkansas Realtors Association. For more information about homeownership in Arkansas, visit www.ArkansasRealtors.com.