Getting the Most Out of Your Tax Return
ST. LOUIS, Mo. (KMOX) — Why pay for something if you don’t have to? A lot of people turn to tax preparers or CPA’s to get their returns done, but with a couple simple tips you don’t have to.
Total Informations Doug McElvein and Debbie Monterrey talked with America’s Family Financial expert Ellie Kay to see how you can save money on your taxes this year.
Ellie Kay suggests filing your taxes online using free tax return softwares, like TaxACT Free Federal Edition. “It can help you print, prepare, and E-file simple and complex returns,” Kay explains. “And what’s really cool is it will walk you through step by step the tax law changes.”
Kay also recommends filers to E-file and select direct deposit. She says that way you will get an email whenever the IRS actually process your return, and that return can be in your bank account within eight days.
Several economic stimulus previsions have expired this year. But Kay reminds everyone to take advantage of the Making Work Pay Credit. The credit is a flat $400 for individuals and $800 for married couples, taxpayers at the lower end could get the full credit even if they didn’t make that much money (at the higher end, phase-outs applied).
However, Kay says filers need to actually apply for the credit this year. Unlike in 2009 when the credit was automatically added to your return.
If your going to own money this year. Kay suggests you try to pay as much of the balance as you can by this year’s deadline, which is April 18th to avoid any penalties. Then call the IRS to possible set a payment plan.
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