NEW YORK, April 1, 2015 /PRNewswire/ -- As the clock winds down and the April 15 filing deadline quickly approaches, taxpayers are hastening to finish and file their returns. However, according to the 30th edition of the EY Tax Guide, taxpayers should make sure to take their time and not leave money on the table.
"It's easy to feel overwhelmed by the big picture of filing a tax return," says Greg Rosica, contributing author to the EY Tax Guide 2015. "If you take a step back and reflect on your personal life situation, it helps that picture come into focus. Start by looking at last year's return for hidden gems like investment interest, capital loses and charitable contributions. Then think about any major life decisions you've made in the last year, such as starting a new job or getting married, that can come with tax implications."
Don't rush to file without considering these last-minute tips from the EY Tax Guide 2015:
- First and foremost, check your math, or your data input, even if you use software to file.
- Be sure that your Form W-2 and all Form 1099s are correct. If not, have them corrected as soon as possible.
- Check that you have claimed all of your dependents, such as elderly parents who may not live with you.
- Include your social security number on each page of the return, so if a page is misplaced by the IRS, it can be reattached.
- If you prefer to file your taxes electronically, see if you qualify for the IRS "Free File" option before proceeding. If your 2014 adjusted gross income is less than a certain amount, you may be eligible.
- If you are single and have a dependent who lives with you, check to see if you qualify for the lower tax rates available to a head of household or surviving spouse.
- If you're married, check to see if filing separate returns is more beneficial than a joint return.
- If you worked two or more jobs, see if you can claim a credit for any overpaid social security taxes withheld from your wages.
- Be sure to sign your return.
- Keep copies of all documents you have sent to the IRS.
You can request an automatic six-month extension if you feel you need more time to prepare your return. "The extension gives you until October 15, but you can file any time before then," says Rosica. "Even if you only need an extra couple of weeks, it's better to make sure your return is completely accurate than to rush it. However, even if you file for an extension, you still have to pay the IRS your estimated tax bill by April 15."
Visit www.ey.com/EYtaxguide for more tips, suggestions and information.
About EY
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.
This news release has been issued by Ernst & Young LLP, a member firm of EY serving clients in the US.
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