Jan
I'm gonna do my income taxes this weekend and I was wondering if you guys could give me pointers on what to ask my tax preparer in order to get the most possible refund. For instance, deductions….etc.
I'm 23 and single
I live at home w/ my mom
Last year I made around $26k However, I worked in different places does that count?! and I got unemployment for about a month less than $1k.
I pay rent and I help out w/ my brothers and sister…Examp: Buy them most of their things like clothes, school supplies etc.
I also donated a couple things to the Red Cross I don't know if that counts?! Does it matter if it was this year and not last?!
Lastly, is it worth getting that instant refund that comes within 2 wks or so?! My friend said she paid $70 for it.
Well thank you in advance for all your help!
I really appreciate it! =]
Answer:
Based on the income you had, go to irs.gov and click on free file. You should be able to enter all your information with one of the free file companies, electronically file for free and get your money in 8 to 15 days. I used the H&R Block one and it walks you through entering each W2 and dependent etc…
Answer:
The instant refund is not worth it.
The charity is worth nothing to you.
The expenses for your brothers and sisters isn't deductible.
Ask your mom if you can claim any of them for EIC purposes.
Answer:
Why pay to get your money back faster, you can have your refund direct deposit and receive it in the same amount of time if you pay $70.
report all your income, make sure you have received all your W2 and any 1099 you may be getting from banks, unemployment etc.
IF you have a list from the red cross you might be able to report it on your income tax, can't report that you help with your family
Answer:
you don't really have anything that will reduce your tax liability any - sorry - the unemployment benefits are taxable and if you had no tax withheld there, that will reduce your refund - can't tell if you're getting any refund, not knowing how much tax you had withheld - rent is not deductible, buying clothes for siblings is not deductible
DO NOT get one of those stupid refund advance loans - they cost too much-not worth it . I filed my taxes online for $9.95 and got my refund in 10 days. If you want a bigger refund next year, change your w-4 exemptions to single and 0 - your take home pay will go down, but you'll get a bigger refund this time next year
Answer:
There isn't probably anything you are going to be able to do to increase your refund. The donations aren't going to matter, whenever they were, unless your total itemized deductions total over $5350, which they almost surely don't.
No, it's not worth paying extra for a quick refund. If you have it direct deposited to your bank account, you'll have it from the IRS in about 2 weeks anyway, without paying extra for one of the high fee, high interest loans.
Answer:
Your tax preparer should be asking you questions in order to get all of the deductions to which you are legally entitled, not the other way around. That's the purpose of having a tax preparer do it for you.
If you have to coach the tax preparer on how to do it right, then fire him/her and find someone who knows what they're doing.