Tax Season is Upon Us
By: Jamie Kuras
Updated: February 25, 2011
MIDLAND -- Everybody knows that only two things are guaranteed in life. Death and taxes.
You can hide under your bed, go on vacation, or lock yourself away in the closet. But no matter what you do, April 18th won't be skipped on the calendar, so it's best that you prepare yourself so you don't miss any chance to get the most out of your taxes.
Getting your money back is a good thing. Getting more then you anticipated is an even better thing. So how can you do that?
By not overlooking deductions you qualify for.
Out of pocket charitable donations, paid student loan interest, health insurance premiums, job hunting costs, child care credit. Those are just a few of the deduction out there.
Liberty Tax franchise owner in Midland John Wojtkun says that the injured spouse provision is one deduction almost everyone misses.
"You have a couple who's filing jointly," said Wojtkun. "One of them has a debt with the federal, or any sort of a government agency. The I.R.S. is empowered to take their refund. However, by filling the injured spouse form in the the sate of Texas, because it's a community property state, they're aloud to retain close to half of it."
You also want to pay attention to mistakes, such as transposing digits in your calculation, forgetting to sign a document, and even writing the wrong social security number. These are all mistakes that are easily avoided, and they could cost you if you don't pay attention.
You can hide under your bed, go on vacation, or lock yourself away in the closet. But no matter what you do, April 18th won't be skipped on the calendar, so it's best that you prepare yourself so you don't miss any chance to get the most out of your taxes.
Getting your money back is a good thing. Getting more then you anticipated is an even better thing. So how can you do that?
By not overlooking deductions you qualify for.
Out of pocket charitable donations, paid student loan interest, health insurance premiums, job hunting costs, child care credit. Those are just a few of the deduction out there.
Liberty Tax franchise owner in Midland John Wojtkun says that the injured spouse provision is one deduction almost everyone misses.
"You have a couple who's filing jointly," said Wojtkun. "One of them has a debt with the federal, or any sort of a government agency. The I.R.S. is empowered to take their refund. However, by filling the injured spouse form in the the sate of Texas, because it's a community property state, they're aloud to retain close to half of it."
You also want to pay attention to mistakes, such as transposing digits in your calculation, forgetting to sign a document, and even writing the wrong social security number. These are all mistakes that are easily avoided, and they could cost you if you don't pay attention.
