With the April 15th deadline right around the corner, most people have tax planning on their minds. While filing taxes can be a complex undertaking under the best of circumstances, the introduction of new tax rules makes it even more difficult. Taking the following steps will help you simplify tax issues and ensure your return is filed accurately and on time.

What Are Some Tax Planning Tips I Should Know?

1. Double Check Your Itemized Deductions

An increased standard deduction means that many people will no longer need to file itemized deductions. However, before going the standard route, you want to ensure you won’t save more money by itemizing. It’s a smart idea to keep track of deductions throughout the year so you won’t have to scramble around at the last-minute crunching numbers. If the standard deduction is greater, you’ll have a lot less work ahead of you during tax season.

2. Look Into the Earned Income Tax Credit

If you earn a low to moderate income, the earned income tax credit (EITC) might apply to you. Many people fail to claim the EITC, which means they have a greater tax burden than necessary. To qualify, you must meet certain criteria. If you’re single, your adjusted gross income can’t be more than $15,270. Married couples filing together can’t have an income of more than $20,950. If you claim children, income limitations are higher based on the number of kids you have.

3. Have a Plan for Your Refund

It helps to change the way you look at your refund. While many people consider it a bonus, remember that you often received a refund because you overpaid taxes. Think about using the money to pay down any existing debt you have, put it in savings, or invest it wisely. If you need help with planning how to use your refund, consider talking with an accountant.

Cheryl Hawkins Tax and Accounting knows that tax time is stressful for everyone. That’s why this firm offers tax planning assistance to individuals as well as businesses. No matter your situation, she’ll take the time to prepare your return and make use of all available deductions and credits. Other services include bookkeeping, payroll, preparation of financial statements, and help with QuickBooks™ software. Schedule an appointment in Jordan, MN, with this skilled CPA today by calling (952) 222-8272. Visit the website to learn more about the full range of services.