NEW YORK (CBSNewYork) — Tax season is upon us and getting an early start could help you avoid any last-minute disasters.
Money expert Rocco Carriero has a few tips to make sure you get the most out of your refund.
1. Make sure you get all of your tax forms in order and know which companies and/or employers should be sending you tax documents. It’s your responsibility to make sure you get all of your W-2 info and 1099 info and that it matches on your tax return.
2. Review and make sure your IRA contributions were made and marked as 2019 contributions. If you have not made a contribution for 2019, ask your tax adviser whether or not you should be contributing to a IRA.
3. Compare and review itemized dedications for expenses/charitable contributions rather than just selecting the standard deductions. You may be leaving tax savings on the table by not comparing the two.
4. If you are doing estimated tax payments, go back and make sure you have them all in prior to your filing date.
5. Decide soon if you need professional tax help. There are benefits of working with a trusted tax professional, not only to help you file your return, but a quality tax professional will get to know you and your personal tax situations and may be able to provide you with great advice over time, which may save you money in taxes as well.