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Five Last Minute Refund Tips

Don't Overlook the value of the IRA deduction

Asked Tuesday, April 10, 2012 by an anonymous user
An IRA deduction can save you from $650 to $2,574 depending on your filing status and tax bracket on your federal tax return.
If you are under 50 you can put up to $5,500, Over 50 you can put up to $6,500.
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Five Last Minute Refund Tips

If you are self-employed, take advantage of an SEP plan

Asked Tuesday, April 10, 2012 by an anonymous user
Employers can contribute up to a quarter of the salaries that each employee earns (25%)up to an annual maximum limit. For 2017, that maximum will be $54,000, up $1,000 from its 2016 level. That's the first rise in the SEP IRA limit since 2015,
For self-employed. the 25% refers to the self-employed worker's "net earnings" from the business. The net result of the math is that the 25% limitation on "net earnings" works out to 20% of your adjusted profit after the self-employment tax adjustment in a Simplified Employee's Pension Plan. Self- employed individuals can even take the deduction on their 2016 tax return and fund the pension plan as late as six months from April 18, 2016 if they file for an extension to file their return.
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Five Last Minute Refund Tips

Take the American Opportunity Credit if you have children in undergraduate college.

Asked Tuesday, April 10, 2012 by an anonymous user
The American Opportunity Credit can save taxpayers as much as $2,500 per student with $1,000 of the credit being a refundable credit above and beyond the money paid.
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Five Last Minute Refund Tips

Check to see if you have worthless stock or loans that are completely uncollectible

Asked Tuesday, April 10, 2012 by an anonymous user
You can deduct the loss on a worthless security without selling it but only if the stock or loan is completely worthless. If it is truly worthless, you can treat the item on your return as if it were a short term capital asset you sold for $0 on the last day of the tax year. In fact you can take a write-off over and above your gains to the extent of $3,000 this year.
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Five Last Minute Refund Tips

If you itemize, don't forget the non-cash contribution deductions.

Asked Tuesday, April 10, 2012 by an anonymous user
Be sure to itemize any donations of clothing and household items that you made to charities throughout the year, as non- cash donations over $500 require you to file form 8283 with your return. Non-cash donations up to $500 do not need special documentation with the filing of your return.
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