Tax Tips
WGN-TV Show Notes – April 12, 2005
Summary: Looking for last minute tax tips? For those of you who are still working on filing taxes, here are a few useful tax tips to keep in mind.
If you want to get your taxes done on time, this is the big week.
Here are some tax tips to keep in mind during the final push to get your taxes
done:
Tip #1: Get the details right.
Write your correct social security number on your income tax form (it's not on the label), and then sign and date your return. Be sure to attach your w2s or 1099s or any other documentations to your return with a stapler, so the pages don't get lost. Get any one of these things wrong and you'll send up a red flag at IRS headquarters.
Tip #2: Make your last-minute retirement account contributions before Friday.
For your 2004 return, you can put away $13,000 into your 401(k) or $16,000 if you're over 50. You can put $3,000 ($3,500 if you're 50+) into your IRA or Roth IRA. You can put up to $41,000 into a SEP -- a pension plan for self-employed people or a Keogh.)
Tip #3: File online and collect your refund by direct deposit.
Go to www.irs.gov for details on filing for free. You must have a savings account in order for the IRS to direct deposit your refund. Be sure to steer clear of refund anticipation loans. If you earned less than $36,000 last year, the City of Chicago will help you do your taxes for free. Call the city's non-emergency number 311 for details.
Need personal finance advice or real estate advice? Send your questions to Ilyce Glink: www.ThinkGlink.com
Copyright © 2005, WGN-TV
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