It’s never too early (or late) to start planning your tax refund! TaxSlayer.com suggests you take these 3 steps to get you on your way to receiving the largest refund possible this year.
1. Wait on all of your tax documents before starting your tax return
There is nothing more frustrating than completing your return and then receiving another tax form the next day. This will cause you to have to do an amended return. After refocusing your return it could take up to 8 weeks for the IRS to reprocess your return and mail out the difference. Be patient in order to receive all your money!
2. Get familiar with IRS publication 17
This is considered one of the many great IRS resources. The section you should at least familiarize yourself with is the “What’s New” portion of the publication. It is an often overlooked Gem that has great information about the new tax laws and deductions that will help you to receive the largest possible refund. If you don’t like “lite reading” – no worries. TaxSlayer.com has a new tax laws and deductions overview in the software. If you want to skip the IRS publication or TaxSlayer.com’s deduction and credits overview our deduction finder will kick in to save the day.
3. Review last year’s tax return before you complete your return for this year
Sometimes looking at last year’s return will remind you of something you should have included on your return for this year.
If you follow these 3 simple steps you are sure to get the biggest refund possible!