Celebrate Leap Day with 29 tax tips

This article was last edited on Feb. 29, 2016.

Too often it seems that there isn’t enough time in a day. That’s why we’re celebrating today…an entire extra day in the calendar year. Leap Day only comes around once every four years so make the most of it!

We’re celebrating with 29 tax tips to help you make the most of your tax return.

  1. Use the right filing status that allows you to pay the least amount of tax.
  2. Determine whether to itemize or use the standard deduction when you file your federal return.
  3. Report a name change to the Social Security Administration if you married or divorced in 2015.
  4. Keep good records of tax and financial documents throughout the year.
  5. Don’t wait until the last day to file. Give yourself time to do research and avoid mistakes.
  6. Know if you qualify for the Earned Income Tax Credit. Read more.
  7. Enroll in TaxPerks, a loyalty program from TaxSlayer that lets you earn points for gift cards.
  8. Be vigilant for telephone and email scams that attempt to steal your personal information.
  9. Find out what deductions you can take for having children. Read more.
  10. Stay enrolled in a health insurance plan year-round to avoid penalties.
  11. Claim tax credits for energy efficient home improvement projects completed in 2015.
  12. Use the Simplified Business Use of Home deduction if you are have a home office.
  13. Complete Form 8962, Premium Tax Credit, if you received Form 1095-A for health care coverage.
  14. Don’t miss the deadline! Tax Day is April 18—you get three extra days past the normal April 15 deadline.
  15. Use spare time to work on your return on your mobile device using the TaxSlayer mobile app.
  16. Use the IRS “Where’s My Refund?” tool to determine the status of your refund.
  17. Contact your employer first if you do not receive a W-2. If your employer can’t help, call the IRS.
  18. Enter TaxSlayer’s Visit Myrtle Beach vacation giveaway…because taxes should be rewarding!
  19. Deduct medical expenses that aren’t reimbursed by your insurance provider and exceed 10 percent of your AGI if you’re under age 65 (or 7.5 percent if your 65 or over).
  20. Reinvest your tax refund into a retirement or savings account.
  21. Take advantage of the American Opportunity Tax Credit and Lifetime Learning credit for education expenses.
  22. Protect your personal information online with strong passwords that are unique to each account.
  23. Request an automatic 6 month extension to file your return using Form 4868.
  24. See if you meet the seven IRS requirements for deducting alimony payments. Read more.
  25. Use Schedule C-EZ if you are self-employed, had expenses less than $5,000 and meet certain other conditions.
  26. Keep copies of your tax returns and supporting documents in a safe, secure place for several years to support claims for tax credits and deductions.
  27. Try the IRS Interactive Tax Assistant tool on IRS.gov to see if a person qualifies as your dependent.
  28. E-file your tax return to get your refund in the quickest way possible.
  29. Don’t go it alone! You don’t have a second to waste doing taxes so get started today with TaxSlayer.

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