TAXAUDIT GIVES TIPS FOR FILING YOUR 2019 RETURN

Did you know that you can still take measures to lower your tax bill, even though we’re well into the New Year? In a recent article, TaxAudit discusses steps you can take to lower your tax liability. TaxAudit specializes in providing audit defense services for individual and business tax returns.

Although the 2019 tax year ended December 31st, you can still lower your tax liability and make the filing process easier. Here are a few tips for this tax year.

1 CONTRIBUTE TO YOUR IRA

If you haven’t already, you can still make a contribution to your traditional IRA by April 15th – the deadline. Not only will your contribution be deductible, the contributions will be tax-deferred.

2 MAKE SURE YOU ENTER YOUR DEPENDENTS’ TAXPAYER IDS (SOCIAL SECURITY NUMBERS) ON YOUR RETURN.

If you have dependents – your children, grandchildren or anyone for whom you provide financial support – enter their individual taxpayer ID numbers to ensure the IRS gives you your credits. To qualify as a dependent, the person or persons must be:

• A child, adopted child, foster child, or sibling of the filer. The dependent may also be the offspring of one of the above (filer’s grandchild, niece or nephew).
• The dependent must reside at the filer’s address for more than six months of the tax year.
• The dependent must be under the age of 19, or under the age of 24 and a full-time student. A dependent who is permanently disabled can be any age.
• The dependent must be financially supported by the filer – any wages the dependent earned cannot make up more than half of his/her support for the year.
• The dependent does not file a joint tax return.
• The dependent is a U.S. resident or citizen.

It may be possible to claim a significant other (SO) as an “other qualifying dependent,” provided your SO is not married to anyone else or being claimed as a dependent by his or her parents.

ORGANIZE YOUR TAX INFORMATION.

If you are itemizing your deductions, make sure you have all of the documents – receipts invoices, interest statements etc. – available. This not only helps you prepare your taxes quicker, it’s also handy to have them easily accessible in case of an audit.

TAXAUDIT: HELPING TAXPAYERS NAVIGATE AUDITS SUCCESSFULLY SINCE 1988

A tax audit can be anxiety-inducing, but TaxAudit can help you defend your interests if you find yourself on the receiving end of a notice from the IRS. TaxAudit has delivered effective and affordable audit protection services for more than 30 years. If you have concerns about potentially being audited, please visit TaxAudit.com for more information about their audit defense services