Tax Tips for Filing 2016

Tax Tips for Filing 2016

It’s tax time again. Did you know it takes the average taxpayer 16 hours to complete their taxes this includes the time it takes to get all of your documents together and completing the forms. If you file early you could receive your federal tax refund within 21 days. So get your documents together now so you can complete the process and get on with your life.

Some of the benefits of filing early include being able to file for financial aid for your children earlier.  You can also reduce the risk associated with identity theft. You can also be made aware of potential issues with your tax return and possibly addressing early if you owe taxes.

This year we have to contend with the additional headache of reconciling our health care deductions as a result of the Affordable Healthcare Act.  Here are some quick reminders as you prepare to file your taxes.  Make sure that you have received any and all of your W-2 forms or 1099 forms from your employers and place them in a folder or manila envelope.  Also, if you are provide a separate form W-1095 for your health care place that in the same place. You should also include any documents that are provided to you regarding interest paid or dispersement from 401k or retirement programs.  Things you can itemize are expenses related to medical expenses, business expenses, interest,  If you are itemizing your deductions, keep all of those forms in a similar place. Once you have all of the documents, take them to your tax preparer for preparation and filing.

Luckily for us, Groupon Coupons is here to help us save on your tax preparation by offering additional savings if we use H&R Block.  Make it easy on yourself, you can use any number of coupons which will allow you to either file for free, get tax software or get tax advice for free.  Save yourself the worry and the headache of doing the calculations yourself.  Let the professionals get the most savings in your tax refunds.