Stop putting off paying your taxes till the last minute. If you want the best tax return you must start early to make sure that your get all the deductions that you deserve. Your personal tax return should not be rushed. So to help you get started here is a list of things you should do to get your ready.
First of all, schedule a time to start filing your tax return and stick with it. Turn off your TV and radio and focus on the job at hand. Gather all the files you need and have some type of tax return help available to you. With the rules for income tax returns constantly changing you need to have all your help at your fingertips.
Decide whether your personal tax return will be filed as single, head of house hold, married or whatever. Play around with this to see what would be best for you. You also want to play close attention to the types of deductions you will have such as pensions and IRAs, alimony, student loans and others. Don’t forget to itemize your deductions and compare them to the standard deductions to see which one is best. You want to make sure that you take the higher amount here.
Your exemptions can help you get more out of your income tax return. If you have issues with who can file the children as dependence then get this solved now. You both can’t file for them at the same time. A tax credit per child is a dollar for dollar deduction and you need to get this worked out. Plus, there are also credits for education, adoption, even foreign taxes and estimated taxes you may need to consider as well.