Four Practical Tips From a CPA That Can Save You On Your Taxes

The 2014 tax season is over with. Hopefully you filed your 2014 taxes and received a large refund check. If you didn’t get that check, perhaps next year will be your year. Below are four practical tips which might have you seeing green for the 2015 tax season.

1. This is the year you should finally start keeping your receipts. As we sit and try to do our taxes we know what qualifies as a deduction, but we never know exactly how much we spent on a given item. Also, having receipts for any donations you made will come in handy. When you choose to keep a receipt, be sure to write why you are saving it on the back. Doing this simple task can save you a headache the next time you file your taxes.

2. If you will be looking for a job this year, be sure to keep track of all of your job hunting expenses. If you will be spending money on résumé writing services, employment agencies fees, transportation costs, printing, postage, and the like, keep a record. No one ever really realizes just how much looking for a job can cost; that is until they add their receipts up.

3. If you are self-employed, there are a number of tax deductions you will be eligible for next year. The most important aspect of self-employment and taxes is to make sure you keep impeccable records of your transactions and expenses. Also, keep in mind you might consider making estimated tax payments throughout the year instead of all at once at the end of the year. Estimated tax is used to pay tax on income not subject to withholding.

4. If you want to receive your refund check faster next year, file your taxes electronically and opt for direct deposit option. True, at this point in time, most people already perform this function. However, you may be surprised at how many people are still using snail mail in order to receive their refund check.

The tax code changes every year. Have you ever wondered why you can’t use that tax filing program you purchased last year and this year’s taxes? If you did so, you might be headed for an audit by the IRS. Consider consulting with an accounting service in the Miami area in order to maximize next year’s return.

Danny CesarFour Practical Tips From a CPA That Can Save You On Your Taxes