Can you believe it’s almost time to start thinking about taxes? This time of year can prove quite stressful. but the folks at Office Depot are making the process less painful with a plethora of tax-time info and software programs that will walk you through step by step.
For a limited time, Office Depot is even offering a coupon for 25 free copies of your tax return!
Office Depot’s Finance Expert, Farnoosh Torabi offers some last minute tax tips:
1. File Online. Go green and save time and money. Choose from a variety of affordable online software to help you file your taxes like H&R Block At Home Deluxe & At Home Business. Note that taxpayers whose adjusted gross income was $58,000 or less in 2010 can file electronically for free through the IRS web site at freefile.IRS.gov.
2. Boost IRA Savings. Contributing to a traditional IRA is one of the last ways to really reduce your 2010 taxable income before April 18. You have until the very last day to contribute to this retirement account and deduct the amount from your taxable income. The dollar limit contribution for 2010 is $5,000 is you’re 49 or younger. $6,000 if you’re age 50 or older.
3. Remember the Basics. Be sure to sign and date your 1040. Review your personal identification – social security, address, business ID (for business owners), etc.
4. Opt for Direct Deposit. Another perk to filing electronically is that if you’re expecting a refund, you can get your check sent directly to your savings account. And because you avoid snail mail you can probably get paid a week early.
5. Add Up All Your Write-Offs. Deductible expenses here and there can add up to big savings come tax day. Job hunting-related expenses such as relocation (50 miles away from current home), travel and meals, copies, faxes, are eligible for a tax deduction. Also, if you are self-employed you may receive deductions for insurance paid out of pocket and any self-employment taxes. Don’t forget deductions for student loan interest and medical savings accounts, too.
6. Make a Copy of Your Return. It will come in handy when filling out next year’s return. Plus if you apply for a mortgage or a refinance, banks will want to see your tax return. Keep returns for an average 3 years from when it was filed, during which time the IRS is most likely to audit (if at all).
7. Stay Organized. As soon as you’re done filing make sure you keep all your paperwork organized. Your return, your paystubs, your receipts, will all come in handy down the road if (and I hope this doesn’t happen) the IRS decides to audit your return or if there is a discrepancy between the IRS records and what you claimed and you need to prove that, indeed, you filed everything correctly.
8. Out of Time? Get an Extension. If you absolutely can’t make the April 18th deadline this year, you can request a six-month extension by filling out the IRS Form 4868.
Office Depot would like reward two lucky readers with copies of
H&R Block At Home Deluxe Editon – a $40 value!
(US Only – Ends March 10th)
Mandatory Entry: Tell me your favorite tax time tip.
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Two lucky readers will #win deluxe copies of H&R Block at Home from @officedepot and @GirlGoneMom http://bit.ly/fZ9Mfw
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*For extra entries such as being a twitter follower, email subscriber, facebook fan etc., you must leave a way for me to confirm your entry i.e. your name, twitter handle, etc. Otherwise, your entries will not count. Contest is open to US residents and closes at Midnight EST on March 10th, 2011. One main entry per household. No compensation was received for this post. I did not receive compensation or product for this giveaway feature.