Okay, so yes, we are a CT insurance agency first and foremost. But we’re also a member of the Stafford Springs community, and we want to do everything we can in order to help out individuals and businesses alike within our community in order to see it really flourish and grow. One of the ways in which we do so is through useful tips and tricks to help people save money, usually through some type of CT insurance method. But with April 15 bearing down on us all, it seems only fitting to write a few short and succinct blogs about filing your taxes and how you can get the most from your return this year.
- Let the professionals work their magic. Yes, having a professional accountant can cost you some significant money (anywhere from $100 to $500), but if you have a lot going on in your life, like a mortgage, kids in college, retirement funds, and other investments, then trust us, it is well worth it for you in the long run to have an accountant file your return, unless of course, the accountant is you! The pros know exactly what to look for when it comes to deductions and other means of savings that are specific to your situation and may be overlooked if completed by you.
- Be aware of the expenses. These are key to generating a significant return. And again, the pros will know which expenses will work best for your situation to maximize your return. Like we previously mentioned, if you have a son or daughter in college, you can deduction a portion of those expenses on your return. Other popular expenses that can add up to real savings come tax time are: mortgage interest, property taxes, state income taxes, healthcare costs, business trip expenses… the list goes on and on.
- Consider your investment advantages. If you have a traditional or Roth IRA, you can contribute to it up until the April 15 deadline and still receive the tax benefits for your 2013 return. Just make sure you’re within the limit to do so, because if you go over, then it won’t count and will roll over into next year.
- Give with your heart. Giving to charity does the heart and soul good, but it can also do good for your return as well. It doesn’t matter if you’ve given $50,000 to a local school or smaller incremental donations to a church or YMCA, the donations can add up to serious savings from Uncle Sam.
- Credits! Don’t forget about credits! We’ve mentioned deductions quite substantially in this blog, but credits are where the real savings lie. Remember, for every $1 in credit, you receive $1 in your overall refund. Some of the most popular credits are the Earned Income Tax Credit, childcare credits, Lifetime Learning Credit for post-secondary education, and the American Opportunity Tax Credit.
So hopefully these five tips will provide you with some keen advice for this somewhat stressful time of the year. If you have any other questions about this or CT insurance, you know where to turn- Paradiso Insurance of course!