Friday, August 1, 2014

Tips for filing your own income taxes

 

Georgia Regents University Logo

 AUGUSTA, Ga. – The April 15th deadline to file your taxes is less than a month away, and according to a recent report from the Internal Revenue Service, close to 27.4 million people have already prepared their own taxes – a six percent increase over last year.

According to Georgia Regents University Accounting Professor Joey Styron, filing your own taxes does not have be overwhelming. He recommends these tips to help you finish on time and maximize your refund.

  • File your taxes sooner, rather than later: Don’t wait until the last minute to file. Rushing to meet the deadline will only increase your chances of making an error and you may even overlook possible tax savings.

 

·        File on time: According to the IRS, if you anticipate that you will owe taxes when you file, you should still file by April 15. Paying as much as you can will minimize penalties and interest charges.

  • Keep good records: Before you file, get organized. Have your W-2s, 1099s, receipts, and any other applicable records, like donations to charitable organizations. Also, review your checkbook, credit card statements, and bank statements and create a list of items that could be considered deductibles. 

 

  • E-filing: Opting to file your taxes online can save you a lot of hassle. Many software programs will do the calculations for you and some even have audit protection tools built-in, which help you find mistakes before you submit your return.

 

  • Get a jump on the next tax season: Filing your own taxes gives you an inside look into where your money is going. Begin making financial adjustments now so you can increase your chances of getting a larger return next year.

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Georgia Regents University is one of four public comprehensive research universities in the state with nearly 10,000 students enrolled in its nine colleges and schools, which include the Medical College of Georgia – the nation’s 13th-oldest medical school – the nationally-ranked Hull College of Business and Georgia’s only College of Dental Medicine. The clinical enterprise associated with the university includes the 478-bed Georgia Regents Medical Center and the 154-bed Children’s Hospital of Georgia. GRU is a unit of the University System of Georgia and an equal opportunity institution.  http://www.gru.edu

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