Whether you are just starting on your tax return or is almost complete, it pays to take a few minutes to read these tax tips last minute:
Review all social security numbers on your statement
Despite the complexity of the tax code, the IRS says one of the most common errors on tax returns is very simple
taxpayers entering incorrect social security numbers, or they enter the social security numbers that do not match the names for these numbers.
check your Social Security number on your return, and your spouse if you file jointly
do not forget to enter the correct numbers for each child -. they must be correct to take a dependency exemption or qualify for other tax breaks.
The only exception to the social security number requirement is if the child was born and died in the same year.
Make sure that each child's name is spelled exactly as his Social Security card.
avoid penalties under the Patient Protection and Affordable Care Act insurance mandate disease
from 2014, you may pay a penalty if you do not carry a minimum level of health insurance for yourself, your spouse and dependents.
These sanctions can hurt. If you do not have coverage for all 2014 or an exemption, you could pay up to 1% of your annual income, or $ 95 per adult and $ 47.50 per child, whichever is greater.
You probably 't need to pay the penalties this year, however.
chances are good that you are eligible for any exemptions.
For example, if you are enrolled in a program such government as Medicaid, your income is too low to you are required to file a return if the cheapest coverage you could find would cost more than 8 % of your household income, if you are in prison or not legally in the United States, or if you request one of several difficulties, you should not pay the penalty
There is also a large exception - . you do not have to pay the penalty if your plan was canceled and you believe the market plans are unaffordable, or if you experience any difficulty in obtaining health insurance.
to request an exemption, you must form 8965.
some exemptions such as exemption of religious objections, you must request the exemption by a federal or state exchange .
for other exemptions, as having coverage only nine or 10 months of the year, you can prepare your 8965 form.
consider contributing to a retirement fund
It is not too late to contribute to many types of pension funds. The deadlines for making a contribution vary.
For example, you can contribute to a traditional IRA or Roth until the due date of your return, not including extensions. It was April 15, 2015 for fiscal year 2014.
For SEP IRA and SIMPLE IRA, you can contribute to a plan until the declaration of the due date for the year, including extensions.
Review, review, review
There is no substitute for a careful review of your return before filing.
First, consider all TaxACT alerts to help find errors and missing information.
- Red Alerts identify incomplete or inconsistent information.
- Yellow Alerts identify potential problems.
- Green alerts indicate potential tax savings.
Make sure you actually read and print your tax declaration finished, too. Generally, it is a good idea to include your return before filing.
If you do not receive a deduction or credit that you expected, go through this section of the interview, step by step and do it again that you have correctly answered all the questions.
Check your income and make sure that you are not entered in the same income more than one place (it happens!).
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