House to House: It’s Tax Time!
By: Emily Morgan, Director of Public Relations of the Arkansas Realtors® Association
Have you started working on your taxes? Not to brag, but I’ve already filed mine and gotten my federal return back, yay! But, my taxes are also very simple. My dad helps me with preparing them and filing them because I’m nervous I’ll mess something up and no one wants the Tax Man coming after them. Luckily, I found some tips from tax pros on HouseLogic.com, a great resource made possible by Realtors®.
TurboTax is pricey, but the pros agree that it’s their favorite option if you’re going the DIY route. It’s only as good as the information you put into it so make sure you’re putting in ALL the information that you need. Get a copy of Form 1040 Schedule A to make sure you’re aware of all of the deductions available to you. Homeowners are sometimes entitled to all kinds of deductions mortgage interest, property taxes, some costs of buying a new home, some costs of selling a home. You can find a full list of homeowner deductions on www.houselogic.com.
To use free software, your adjusted gross income must be less a certain amount. Some box store Tax preparing companies having free software too, like H & R Block and Jackson Hewitt. Some of the free software also have other restrictions. One thing I noticed was that you can e-file your federal for free but you’re charged to e-file your state return. It was a minor fee, but still a bummer that you find out towards the end of the process.
Is time not on your side this year? Maybe an extension is worth not pulling your hair out to make sure you file on time and risk missing a deduction or messing something up. HouseLogic tells you exactly how to file an extension, but the number one rule is file is before or on April 15th!
HouseLogic says it’s better to e-file for two reasons.
Plus, filing online lets you check your return for errors and asks you a lot of questions to make sure you’ve dotted all of your i’s and crossed all of your “t’s” which made me feel a lot more comfortable.
For more helpful information about filing your taxes, deductions you could be missing out on and helpful tips, visit www.houselogic.com.
House to House is distributed weekly by the Arkansas REALTORS® Association. For more information on homeownership in Arkansas, readers may visit www.ArkansasRealtors.com.