It’s tax time again, and I find myself using my old frugal tactics for preparing my income tax forms. While this is an area where you need to be careful, you should know, you don’t have to pay high prices to get a good tax return done. Here are some tips you can use:
Use two online software programs: If you are using online software programs to do you income taxes, don’t stop at one Federal return. Do two. Plug the exact same information into the first return as you used in the second one and see if they calculate your taxes differently. As long the the company with the best results for you is legitimate and well known, go for the return that gives you the best results.
Don’t purchase the business software: Many of the online programs recommend you use the business software at the highest price if you run a home business. That is not always necessary. If you have a simple home business with a service for income, for example, you can use the basic tax return. It includes the schedule C. If the program you are choosing does not include a schedule C, look around. Others will.
Do not… I repeat DO NOT get a tax anticipation loan. Firstly, if you file online, you can get your money deposited in your account in about 8 days. Second, why would you pay exorbitant fees for early use of your own money. Be patient and save a ton.
Don’t forget your deductions: We lose more money at tax time based on what we don’t do, not what we do. Neglecting to take tax deductions is not frugal. Comb through your checking account statements, credit card statements, and look through all your receipts to make sure you haven’t left out anything.
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