April 15th marked the end of the US tax year. If you missed the deadline, it’s still worth filing you US tax return as it’s preferable to file a late tax return rather than not file one at all. Filing sooner rather than later will help reduce IRS penalties. Unsure of where to start? We've collected a few tips below that will make taking care of your tax affairs easier going forward.
Keep your records well organised
Keeping a good record of all your expenses and having all the necessary personal information on hand will save lots of time when it comes time to file your taxes. If you don't have an organised filing system, now's the time to set one up to avoid scrambling for all your papers at the last minute. Remember to include last year’s tax documents, personal data like social security numbers and birth dates, and any receipts which you might be able to deduct at the end of the year in your tax treasure chest.
Think about tax breaks
Instead of having to look at what tax breaks you may be due from scratch each year, why not take note of the tax breaks you qualified for this year and think ahead to see will you be able to use them again next year. This will save you a heap of time come tax day. You can get a tax break on common things like home renovation and medical expenses, but there are other less common things you can claim tax deductions on too, like charitable contributions, interest on school loans and even the cost of moving for your first job, so it's definitely worth checking what you're due.
Use your 2012 return wisely
Before you relegate your 2012 return to the back of your filing cabinet, take a second to look over it and see where you could have saved more money this year, and use it as a starting point for your taxes next year.
Make sure you get your tax refund!
Two out of three people in the US over pay taxes each year and are due an average refund of €2,803, but many people don't realise this. We offer a free refund calculator to see if you’re due a tax refund. Remember, filing your tax doesn't need to give you tax headache and by following these simple tips you're ensuring that you're one step ahead of the tax man.