With a few days past the advent of 2014, reality is setting in. Be more tax savvy this year and take your responsibility seriously. Start efficiently and things will fall in place. Some of the important tax tips for 2014 that you should take care of are compiled here to get you started.
Be Prepared for Taxes: There are loads of documents in your previous year’s tax file by now. Just looking at that thick file with sheaves of pages gives you a headache. So start with organizing. Get a new tax file to contain all the documents you need to file for taxes this year. Also, create a new folder on your computer to collect digital files and documents like your W2s and 1099s. Throw away the documents you will never need, or if you are wary to throw anything away, stash them away separately.
Invest in Tax-Advantaged Accounts: Even though 2013 is over, you can still get some tax deductions if you invest your money wisely. For example, if you invest money in the IRA and Health Savings Account (HSA), before you file your taxes, the money contributed is deductible from your income. Whatever the amount, it helps in reducing your overall drain.
E-filing: Filing your taxes online is a lot easier and convenient. File quickly and accurately with TurboTax as they will also take care of e-filing your tax refunds. You can also start with Turbotax Free Edition and get maximum refund guaranteed.The fastest way to receive your tax refunds is by e-filing with direct deposit. It is a simple process where everything is taken care of by Turbo Tax even you won’t have to know the tax code. All you have to do is answer few simple questions and TurboTax will find all the deductions you are eligible for and ensure that you get the biggest refund possible.
File Quickly for Tax Refund: If you know that you are eligible for tax refunds, file as soon as you get all the necessary information in your hand. Do not wait. The quicker you file, the quicker you will get your refund.
Evaluate your Employer Withholding Amounts: It is just beginning to file your taxes online, so it is a great time to evaluate your W-4. Make sure that it matches your current circumstances. If you have kids, or you got married recently, or there have been other changes in your life, it can influence the process of your employer withholding taxes. H&R Block Free File Edition can also help you for free online tax filing. Get your maximum tax refunds now!
Make January 15 your Deadline: If you file your taxes yourself throughout the year without an employer withholding any amount from your paycheck, pay the last tax payment by January 15, 2014. Keep that day as your deadline.
Set Savings Goal: Contribute certain amounts to your choice of various tax-advantaged savings accounts like your 401K, IRA and HSA. The IRS has already released what income and contribution limits are applicable to these tax-advantaged savings accounts, so choose those that are suitable for you. Set up automatic deposits so that they help you achieve your goal contribution limits to these accounts.
Reminder for End of 2014: Set up a reminder to review your taxes and make provisions accordingly in the last quarter of 2014. Doing that will benefit you greatly with applicable deductions and possibly more tax refunds. This year, be wiser.
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